A minimum wage set above the equilibrium wage rate is a price
A) ceiling that results in a shortage of low-skilled labor.
B) ceiling that results in a surplus of low-skilled labor.
C) floor that results in a shortage of low-skilled labor.
D) floor that results in a surplus of low-skilled labor.
Correct Answer:
Verified
Q87: An example of a price floor is
Q88: Q89: The minimum wage Q90: A minimum wage set above the equilibrium Q91: A minimum wage set above the equilibrium Q93: When a minimum wage is set above Q94: A minimum wage is a government-imposed price Q95: If policy makers believe that the equilibrium Q96: When the minimum wage is set above Q97: A minimum wage
A) is type of price
A) is a price ceiling
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