Multiple Choice
If the minimum wage is set
A) below the equilibrium wage, it will create unemployment.
B) above the equilibrium wage, it will create unemployment.
C) equal to the equilibrium wage, it will create a shortage of labor.
D) below the equilibrium wage, it will create a shortage of labor.
E) equal to the equilibrium wage, it will create a surplus of labor.
Correct Answer:
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A) mandated by law.
B) set
