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ECS1501-25-EX10C

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If a minimum wage is set below the equilibrium wage on the graph, what will be the market outcome?
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What is not a characteristic of a perfectly competitive labour market?

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Which of the following factors will make a labour market less competitive?

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Average total cost is the ratio of _____ cost to _____.
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Taki

hopes to become a dentist one day. In the meantime, like many of his friends,

he is selling sweets at the local taxi rank. The following diagram shows his

cost and revenue curves. 

Given

the market price, the Taki's total cost per day is

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If a perfectly competitive firm is producing a quantity where MC > MR, then profit
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The ________ effect of a wage increase states that a higher wage rate increases workers' real income, and thus increases their demand for all normal goods, including leisure, which decreases the quantity of labour supplied.

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Which of the following best describes the amount of utility that is gained by spending an additional rand on yoghurt?
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