In the labor market, if the government imposes a minimum wage that is below the equilibrium wage, then
A) workers who wish to work at the minimum wage will have a difficult time finding jobs.
B) firms will hire fewer workers than without the minimum wage law.
C) some workers may lose their jobs as a result.
D) nothing will happen to the wage rate or employment.
D
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The first mover in an extensive-form game should use ________ to win the game
A) forward induction B) backward induction C) pure strategies D) mixed strategies
Over the last three decades in the United States, services have become a smaller fraction of GDP relative to goods
Indicate whether the statement is true or false
The aggregate supply of labor is the
A) total amount of time a person works over his or her lifetime. B) total amount of time a person spends in the labor force over his or her lifetime. C) unemployment rate. D) sum of the labor supplied by everyone in the economy.
An individual labor-demand curve represents:
A. a worker's decisions around how many hours to work at each alternative wage. B. the decisions of all workers around how many hours to work at each alternative wage. C. a firm's decisions around how many hours to hire at each alternative wage. D. the decisions of all firms around how many hours to work at each alternative wage.