An effective minimum wage will increase the quantity demanded of labor.
Answer the following statement true (T) or false (F)
False
An effective minimum wage (a minimum wage greater than the equilibrium wage) will increase the quantity supplied of labor as it entices more workers into the labor force because the opportunity cost of leisure is higher.
Economics
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The equilibrium level of GDP is associated with:
A. an excess of planned investment over saving. B. no unintended changes in inventories. C. an unintended decrease in business inventories. D. an unintended increase in business inventories.
Economics
If macroeconomics looks at the economy as a whole, it focuses on which of the following?
A. households B. business firms C. unemployed people D. the division of labor
Economics