If the minimum wage law sets a price floor that is below the equilibrium wage in the unskilled labor market,the minimum wage will create a shortage of unskilled labor.
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Q2: In order for a price ceiling to
Q3: Which of the following would not result
Q4: Buyers always prefer lower prices to higher
Q5: Suppose you live in New York City
Q6: The minimum wage is a good example
Q7: A price floor creates a situation in
Q8: There is currently a price ceiling in
Q9: In 1973 and 1979,the U.S.federal government imposed
Q10: Price ceilings sometimes result in some buyers
Q11: A shortage of unskilled labor will occur
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