Critics of the minimum wage law believe that the law A Reduces the number of ava
ID: 1209084 • Letter: C
Question
Critics of the minimum wage law believe that the law A Reduces the number of available job opportunities B Conflicts with policies designed to equalize the distribution of income C. Causes labor shortages in affected markets 48. Which is a cause of growing income inequality In the United States In the last decade? A Competition in exporting to other countries among several major industries B. Industrial restructuring from services to goods production C. An increase in the progressivity of the Federal tax system D. A widening wage gap between skilled and unskilled workers 49. Refer to the data above. This firm is A. Selling its product in a purely competitive market. B Selling its product in an imperfectly competitive market. C. Hiring workers in a purely competitive market. D Hiring workers in an imperfectly competitive market. 50. Refer to the data above. If the firm is hiring workers under purely competitive conditions at a wage rate of $22, it will employ A 1 worker B. 2 workers C. 3 workers D. 4 workers 51. Suppose the demand for oranges rises sharply, resulting in an increased price of oranges. As it relaes to orange harvesters, we could expect the A. MRP curve to shift to the left B. MRP curve to shift to the right. C. MRP curve to shift downward. D. MP curve to shift downwardExplanation / Answer
47. The correct answer is option A: reduces the number of available job oportunities
48. The correct answer is option D : A widening gap between skilled and unskilled workers.
49. The correct answer is option A: selling its products in a purely competitive market.
50. The correct answer is option B: 2 workers
When the company hires 2 employees the wage that it has to pay them is $44 and these two employees will be able to produce 22 products which inturn are sold at a price of 22*3 = $66. There is a total revenue of about $20. Hence the company would decide on hiring 2 employees for a wage rate of $22.
51. The correct answer is option A: MRP curve will shift to the right.
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