Solved

Assume That This Graph Illustrates a Perfectly Competitive Labor Market

Question 57

Multiple Choice

Assume that this graph illustrates a perfectly competitive labor market. Assume that this graph illustrates a perfectly competitive labor market.   Suppose a minimum wage law required the wage to be at least $20 per hour in this market. If that happened, then: A) there would be an excess supply of person-hours. B) there would be excess demand for person-hours. C) the demand for person-hours would shift to the right. D) there would be no change in the equilibrium number of person-hours. Suppose a minimum wage law required the wage to be at least $20 per hour in this market. If that happened, then:


A) there would be an excess supply of person-hours.
B) there would be excess demand for person-hours.
C) the demand for person-hours would shift to the right.
D) there would be no change in the equilibrium number of person-hours.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents