If minimum wage is set below equilibrium wage rate, no effect.
What will be an ideal response?
Quantity of labor hired at minimum wage is less than Q that would be hired in an unregulated labor market.
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Examining the conditions that could lead to economic growth is an example of a macroeconomics topic
Indicate whether the statement is true or false
Price elasticity of demand is lower for goods with few close substitutes.
Answer the following statement true (T) or false (F)
An effective ceiling price will:
A. induce new firms to enter the industry. B. result in a product surplus. C. result in a product shortage. D. clear the market.
Under the gold standard, no gold would enter or leave the country if
A. the country's overall balance of payments was in deficit. B. the country's overall balance of payments was in surplus. C. the country's overall balance of payments remained in balance. D. the country's overall balance of payments was either in surplus or in deficit.