Refer to Figure 20-1. Based on the graph of the labor market above, if a minimum wage of $8 per hour is imposed, which of the following will result?
A) The quantity of labor demanded by firms will rise.
B) The quantity of labor demanded by firms will fall.
C) The unemployment rate will fall.
D) Both A and C will occur.
B
Economics
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How do you suppose most people form an expectation of future inflation? Is that method consistent with the assumption of adaptive expectations?
What will be an ideal response?
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Consumer equilibrium is reached when: a. an individual spends her entire income
b. there is no way a consumer, given the available income, could increase her satisfaction. c. marginal utility begins to diminish. d. marginal utility is maximized, subject to the available income.
Economics