The following figure shows wage versus labor supply.
-Refer to the figure above.Which of the statements below is NOT true if the supply of labor is equal to S₁ and the demand of labor is equal to D₂?
A) If the minimum wage is set at w₃ the labor market will clear at point C.
B) If the minimum wage is set at w₂ the labor market will clear at point C.
C) If the minimum wage is set at w₁ the labor market will not clear.
D) If the minimum wage is set at w₁ the labor market will clear at point E.
Correct Answer:
Verified
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