When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the result is a surplus of labor

The phenomenon which occurs when markets do not produce the most efficient outcome on their own is known as

A) market failure. B) imperfect information. C) economic certainty. D) public goods.

Suppose the intersection of the IS and LM curves is to the left of the FE line. A decrease in the price level would most likely eliminate a disequilibrium among the asset, labor, and goods markets by

A) shifting the LM curve down and to the right. B) shifting the IS curve up and to the right. C) shifting the IS curve down and to the left. D) shifting the FE curve to the left.