Suppose the equilibrium wage rate for apricot pickers is $7.00 per hour and at that wage rate the equilibrium quantity of apricot pickers employed is 14,000. If the minimum wage is set at $7.50 per hour, then the
A) quantity of apricot pickers employed increases.
B) quantity of apricot pickers employed decreases.
C) quantity of apricot pickers employed does not change.
D) wage rate for apricot pickers decreases.
E) quantity of apricot pickers demanded does not change, and the quantity of apricot pickers supplied does not change.
B
You might also like to view...
If a country imposes a tariff on an imported good, the tariff ________ the price in the importing country and ________ the quantity of imports
A) raises; decreases B) raises; increases C) raises; does not change D) lowers; does not change
What assumptions are necessary for a market to be perfectly competitive? Explain why each of these assumptions is important
What will be an ideal response?
If a good is normal, then the Engel curve:
A. slopes upward. B. slopes downward. C. is vertical. D. is horizontal.
As more and more of a particular good is produced, which of the following rises?
a. Opportunity costs b. Unemployment c. Marginal revenue d. Profits e. Employment