One News Wire article in the text reports the effects of the minimum wage.In economic terms,a minimum wage that is set above the market equilibrium wage:
A) Creates unemployment.
B) Creates additional jobs.
C) Is the only effective means for rewarding workers' efforts.
D) Must be sufficient to support a family.
Correct Answer:
Verified
Q128: The demand for labor depends on worker
Q129: An increase in the wage rate will
Q130: One of the determinants of the market
Q131: At higher wage rates,less labor is supplied.
Q132: Marginal revenue product determines the highest wage
Q134: A producer in a competitive labor market
Q135: The marginal revenue product sets a lower
Q136: At the equilibrium wage,the quantity demanded of
Q137: At the equilibrium wage,there is still some
Q138: The labor-supply curve is downward sloping because
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents