When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the result is a surplus of labor
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
The application of new technologies to the production process will increase
A. the quantity of human capital. B. labor productivity. C. the share of the population employed. D. the unemployment rate.
Which one of the following is counted in GDP?
A. Government spending B. Transfer payments C. Intermediate goods D. Leisure time
A firm that is a price taker can
a. substantially change the market price of its product by changing its level of production. b. sell all of its output at the market price. c. sell some of its output at a price higher than the market price. d. decide what price to charge for its product.
A large enough production subsidy can turn an imported product into an exportable product.
Answer the following statement true (T) or false (F)