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1. When the minimum wage is raised in a competitive market, ceteris paribus:
a. All workers are better off.
b. All workers are worse off.
c. Some workers are better off and some are worse off.
d. Workers are not affected by a minimum wage increase, only by decreases.
2. Kelly will work more hours if her salary increases.
For Kelly, the ___________ effect must outweigh the __________ effect.
a. substitution; income
b. income; substitution
c. income; utility
d. utility; substitution
Require an example of the equitable doctrine of promissory estoppels, and describe why this example meets the requirements of promissory estoppels.
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A New Hampshire resort offers year-round activities: in winter, skiing and other activities to be cold; and in summer, golf, tennis and hiking. The costs of running resort are essentially the same in winter and summer.
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The relationship between Price elasticity of demand and Marginal Revenue can be shown to be: MR = P 1 ?1/|e|
An economy is in long-run macroeconomic equilibrium when each of the following aggregate demand shocks occurs. What kind of gap-inflationary or recessionary-will the economy face after the shock, and what type of fiscal policies would help move the e..
Formerly, market for air travel in Europe was highly regulated. Entry of new airlines was severely restricted, and air fares were set by regulation.
5 countries are USA, Japan, Sweden, Trinidad and Tobago, and Botswana Go to CIA world factbook, click on guide to country comparisons, economy and GDP per capita Which country has the highest and lowest standard of living
the following questions address some of the price and output decisions faced by firms other than those found in perfect
Four assets have the following expected returns: A = 15%; B = 12%; C = 30%, and D = 22%. Calculate the expected returns for a portfolio under the following conditions: Portfolio consists of each asset equally weighted
Normal 0 false false false EN-US X-NONE X-NONE If income increases by $10,..
Why is knowing (or estimating) the product demand so crucial for a firm? In your response, include an example of a U.S. business that has suffered from poorly estimating the demand of its products.
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