1. Under what elasticity conditions would the following be true?
"Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage."
2. The market for gasoline has changed in a couple significant
ways over the last few years: new technologies have decreased the
costs associated with producing gasoline, and automobiles are
becoming more fuel efficient. Describe how these changes affect the
supply of and demand for gasoline. What is the overall effect on
Exam questions 50 words each
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