-Refer to Figure 8-1.What would be the effect if the real wage was $2 above the equilibrium wage?
A) There would be a shortage of 40 million workers and the wage rate would rise.
B) There would be a shortage of 20 million workers and the wage rate would rise.
C) There would be a surplus of 40 million workers and the wage rate would fall.
D) There would be a surplus of 20 million workers and the wage rate would fall.
E) The government would set a minimum wage.

Question

-Refer to Figure 8-1.What would be the effect if the real wage was $2 above the equilibrium wage?
A) There would be a shortage of 40 million workers and the wage rate would rise. 
B) There would be a shortage of 20 million workers and the wage rate would rise. 
C) There would be a surplus of 40 million workers and the wage rate would fall. 
D) There would be a surplus of 20 million workers and the wage rate would fall. 
E) The government would set a minimum wage.

Quizplus · Accepted Answer

There would be a surplus of 40 million workers and the wage rate would fall.