Refer to the figure above. If the government fixes a minimum wage rate at $15, the unemployment in the market will be:
A) 20 units of labor B) 0 units of labor C) 10 units of labor D) 30 units of labor
B
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The supply curve of loanable funds is upsloping because:
A. businesses find more investments to be profitable at low interest rates than at high interest rates. B. government budget deficits vary inversely with the equilibrium interest rate. C. households are willing to save more at high interest rates than they are at low interest rates. D. banks lend more at low interest rates than they do at high interest rates.
If a surplus exists in a market, then we know that the actual price is
a. above the equilibrium price, and quantity supplied is greater than quantity demanded.
b. above the equilibrium price, and quantity demanded is greater than quantity supplied.
c. below the equilibrium price, and quantity demanded is greater than quantity supplied.
d. below the equilibrium price, and quantity supplied is greater than quantity demanded.