a) Economists call farm price supports "welfare for the rich" b) Rent controls help to fight homelessness among the poor c) In a monopsoly (one buyer) labor market a local minimum wage is an appropriate policy d) The minimum wage does make wages more equal, but at the cost of unemployment of the least productive and often least advantaged. e) A profit maximizing firm will hire additional units of labor as long as the additional revenue from the additional units of labor is greater or equal to the additional cost of that unit of labor f) Eliminating the minimum wage would definitely lead to a "race to the bottom" until wage were redcuce to near zero. g) The number of jobs available in the economy is usually fixed in the short to medum term. h) Paying farmers to not produce is an effective way to reduce the market surplus problem resulting from an agricultural price support policy.

a) Economists call farm price supports "welfare for the rich" b) Rent controls help to fight homelessness among the poor c) In a monopsoly (one buyer) labor market a local minimum wage is an appropriate policy d) The minimum wage does make wages more equal, but at the cost of unemployment of the least productive and often least advantaged. e) A profit maximizing firm will hire additional units of labor as long as the additional revenue from the additional units of labor is greater or equal to the additional cost of that unit of labor f) Eliminating the minimum wage would definitely lead to a "race to the bottom" until wage were redcuce to near zero. g) The number of jobs available in the economy is usually fixed in the short to medum term. h) Paying farmers to not produce is an effective way to reduce the market surplus problem resulting from an agricultural price support policy.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter11: Resource Market

Section: Chapter Questions

Problem 2.4P

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		a) Economists call farm price supports "welfare for the rich"
		b) Rent controls help to fight homelessness among the poor
		c) In a monopsoly (one buyer) labor market a local minimum wage is an appropriate policy
		d) The minimum wage does make wages more equal, but at the cost of unemployment of the least productive and often least advantaged.
		e) A profit maximizing firm will hire additional units of labor as long as the additional revenue from the additional units of labor is greater or equal to the additional cost of that unit of labor
		f) Eliminating the minimum wage would definitely lead to a "race to the bottom" until wage were redcuce to near zero.
		g) The number of jobs available in the economy is usually fixed in the short to medum term.
		h) Paying farmers to not produce is an effective way to reduce the market surplus problem resulting from an agricultural price support policy.