If a minimum wage is introduced that is above the equilibrium wage rate,
A) the quantity of labor demanded increases.
B) job search activity increases.
C) the supply of labor increases and the supply of labor curve shifts rightward.
D) unemployment decreases because more workers accept jobs at the higher minimum wage rate.
E) the quantity of labor supplied decreases because of the increase in unemployment.
B
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In the short run, a firm in monopolistic competition produces where
A) MR = MC and economic profit is equal to zero. B) MR = MC. C) the given market price is equal to MC and economic profit is equal to zero. D) the given market price is equal to MC.
The level of money income below which a family is considered poor is called the:
a. bottom 20 percent of the income distribution. b. poverty income level. c. guaranteed income level. d. subsistence income level.