How Would an Economist Explain a Teenager's Continued Unemployment Where

question 133

Multiple Choice

How would an economist explain a teenager's continued unemployment where there exists a minimum wage?

• A) The minimum wage law made it such that the quantity of labor willing to work at that wage was less than the quantity of labor demanded at that wage.
• B) The minimum wage law made it illegal to hire teenagers because they likely would have been unable to work a minimum number of hours.
• C) The minimum wage law made it such that the quantity of labor willing to work at that wage was greater than the quantity of labor demanded at that wage.
• D) The minimum wage law made it such that the market had reached equilibrium.
• E) The minimum wage law was nonbinding.

Distinguish between fixed and variable inputs and understand their roles in production over different time frames.

Recognize the significance of zero economic profits and what it implies about a firm’s performance relative to its alternatives.

Understand the conditions under which firms will enter or exit an industry based on economic profits.

Determine the effects of variable resource additions to fixed resources on production and cost.

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Definitions:

Nutritious

Containing essential nutrients that contribute to good health and well-being, often applied to foods rich in vitamins, minerals, and other beneficial substances.

Green Vegetables

Plants or parts of plants that are consumed as food and characterized by their green color, often rich in vitamins, minerals, and fiber.

Yellow Vegetables

Vegetables that are characterized by their yellow coloration, often indicating the presence of specific nutrients such as carotenoids.

Symbolize

To represent, stand for, or denote something else, especially through the use of symbols or symbolic meanings.