If a minimum wage law is passed imposing a price floor above the equilibrium price of unskilled labor:
a. the quantity of unskilled labor demanded will exceed the quantity of unskilled labor supplied.
b. the quantity of unskilled labor supplied will equal the quantity of unskilled labor demanded.
c. the quantity of unskilled labor supplied will exceed the quantity of unskilled labor demanded.
d. the demand for unskilled labor will decrease.
c
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In the above figure, the movement from point a to point b reflects
A) a decrease in the price of pizza. B) an increase in the demand for pizza. C) an increase in the number of people who eat pizza. D) an increase in the price of the tomato sauce used to produce pizza. E) a decrease in the number of firms producing pizza.
The term labor productivity refers to the
a. management time required to manage a unit of output b. maximum number of laborers that a production facility can utilize c. ratio of workers' wage rate to the value of the good d. minimum number of laborers required to produce a good e. quantity of output per laborer per hour