Consider the labor market below.  If a minimum wage of $12 per hour is imposed in this labor market, then:

A. 400 workers will earn $12 an hour.
B. total earnings will rise
C. worker surplus will fall.
D. 200 workers will lose their jobs.


Answer: D

Economics

You might also like to view...

Describe the characteristics of an oligopoly

What will be an ideal response?

Economics

Office Paper is an office supply firm. If the managers of Office Paper sell 10,000 boxes of staples a year and each order contains 1,000 boxes of staples, how many orders will the managers submit a year?

A) 10,000 B) 1,000 C) 100 D) 10

Economics

Economists believe that production possibilities frontiers rarely have a bowed shape

a. True b. False Indicate whether the statement is true or false

Economics

The demand for spring break vacations is ________ than is the demand for textbooks because ________.

A. more price elastic; vacations have less available substitutes. B. less price elastic; vacations have more available substitutes. C. more price elastic; vacations are more of a luxury. D. less price elastic; vacations are more of a luxury.

Economics