In the figure above, if the minimum wage is $4 per hour, then
A) the quantity of labor supplied is less than the quantity of labor demanded.
B) the quantity of labor supplied is 4 million hours and the quantity of labor demanded is 2 million hours.
C) unemployment is 1 million hours.
D) the quantity of labor supplied is 3 million hours and the quantity of labor demanded is 3 million hours.
B
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If the government raised taxes and reduced government spending in order to reduce the budget deficit, monetary policy could accommodate this policy by
a. increasing money demand. b. increasing money supply. c. decreasing money supply. d. increase unemployment insurance.
Proved reserves of petroleum are
a. the verified quantity of petroleum that can be recovered at current prices and levels of technology. b. the only reserves likely to be available in the future. c. refined products awaiting shipment to the market. d. the total amount of the resource in existence, regardless of the productive effort undertaken to expand the future availability of the resource.