The figure above shows the labor market in a small town. If the government imposes a wage of $10 that firms must at least pay,
A) the government has imposed a minimum wage and market forces are not allowed to work.
B) inflation will occur as wages rise.
C) job search will decrease.
D) the government has imposed an efficiency wage.
E) job rationing will decrease.
A
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Which of the following is the best example of a person NOT having clear property rights?
A) a city parks worker who inherits his uncle's town house B) a medical student who lives on campus for his first year of studies C) a retired college professor who builds a bungalow on her oceanfront property D) a dairy farmer who pays off the mortgage on his farm
Refer to Figure 11-11. The minimum efficient scale of output is reached at what rate of output?
A) 10,000 workers B) 10,000 picture frames C) 20,000 picture frames D) 5,000 picture frames