The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $3 per hour is imposed. Employment will decrease by
A) 0 hours.
B) 10 million hours per year.
C) 20 million hours per year.
D) 30 million hours per year.
A
Economics
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Producer surplus definitely exists when the
A) price exceeds marginal benefit. B) price exceeds marginal cost. C) marginal cost exceeds the price. D) marginal benefit exceeds the price. E) marginal benefit exceeds the marginal cost.
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What gives a person a comparative advantage?
What will be an ideal response?
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Assuming a nominal interest rate of 6 percent, an unemployment rate of 4 percent, and an inflation rate of 2 percent, the real interest rate is approximately
A) 2 percent. B) 4 percent. C) 6 percent. D) 8 percent.
Economics
The most significant form of revenue in developed countries is the income tax
a. True b. False
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