Choose the regions that correspond with a country’s consumer surplus for a product when there is no international trade, and consumer surplus when there is free international trade (no barriers). consumer producer surplus regions.png

The “invisible hand” of the market is the statement that even though firms have different marginal cost curves, that they should produce output until the point where:

What is the least common cost structure for an industry?

The country of Oklakansas is worried about gig workers, who do not fall under the category of employees who qualify for the minimum wage. Oklakansas decides to mandate that gig workers cannot be paid less than $15/hr. The following graph shows the price control, relative to the uncontrolled market for gig workers: price controls 0a.png Does Oklakansas have a shortage or surplus of people looking for jobs, and what is that shortage or surplus?

Imagine that you can hire four low-skilled workers to move dirt with shovels at $5 an hour, or you can hire one skilled worker at $24 an hour to move the same amount of dirt with a skid loader. Who will you hire if the minimum wage increases from $5 per hour to $6.50 per hour?

label number 26-35

labeling in order number 10 to 17

Which of the following pairs of events are independent?

In a class of 40 students, 15 students play basketball, 12 students play soccer, and no student plays both basketball and soccer. What is the probability of randomly selecting a student who plays either basketball or soccer?

Lab 3 l.jpgThis belongs to the class [BLANK-1].