When unemployment is widespread and the wage is above its market clearing level, a cut in employer payroll tax will Select one: O A. be largely ineffective. O B. benefit employers and have no effect on workers. O C. drive up wages but have little to no effect on employment and unemployment. O D. increase employment, reduce unemployment, and have little to no effect on wages. Consider an employer that is a monopolist in its product market versus an otherwise comparable employer that is a competitor in its product market. A wage increase will have Select one: O A. a comparatively smaller effect on employment of the monopolist because the monopolist will be able to pass some of the increase in wage cost on to consumers by charging a higher price. O B. no effect on employment of the monopolist because the monopolist will simply pass the increase in wage cost on to consumers by charging a higher price. O C. a comparatively larger effect on employment of the monopolist because the monopolist is the only seller of the good. O D. the same effect on employment because the profit maximization condition is MRP = ME, whether the firm is a monopolist or whether it is competitive in the product market