A binding minimum wage

a. alters both the quantity demanded and quantity supplied of labor.
b. affects only the quantity of labor demanded; it does not affect the quantity of labor supplied.
c. has no effect on the quantity of labor demanded or the quantity of labor supplied.
d. causes only temporary unemployment because the market will adjust and eliminate any temporary surplus of workers.


a

Economics

You might also like to view...

A bond that promises to pay $X in 10 years must be worth less than $X now.

Answer the following statement true (T) or false (F)

Economics

Which of the following is illegal under the Sherman Act? I. A competitor agrees with another competitor on the price at which the product will be sold. II

A manufacturer refuses to supply a retailer who does not accept the manufacturer's guidance on the price. A) only I B) only II C) both I and II D) neither I nor II

Economics

The major difference between the lag in monetary policy versus the lag in fiscal policy stems from the

A) data lag. B) legislative lag. C) recognition lag. D) transmission lag.

Economics

Trade between countries tends to a. reduce both competition and specialization

b. reduce competition and increase specialization. c. increase competition and reduce specialization. d. increase both competition and specialization.

Economics