The likely consequence of a binding minimum wage in a competitive labour market is:
a) excess demand for workers.
b) a labour shortage.
c) unemployment.
d) a lower wage for all individuals.
e) a higher wage for all individuals.
Answer: c) unemployment.
Business
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After a particular heavy snowstorm, the depth of snow reported in a mountain village followed
a uniform distribution over the interval from 15 to 22 inches of snow. Find the probability that a randomly selected location in this village had between 17 and 18 inches of snow. Round to the nearest ten-thousandth. A) 0.1429 B) 0.2857 C) 0.5714 D) 0.4286
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