A minimum wage law prohibits employers from paying workers less than a specified hourly wage.If the minimum wage is above the equilibrium wage
A) there will be excess supply of labor.
B) there will be excess demand for labor.
C) it creates a price ceiling.
D) it is the most efficient way to assist the working poor.
Correct Answer:
Verified
Q132: Leo is a welfare recipient who qualifies
Q133: Arguments against programs that tax income to
Q134: The level of income the federal government
Q135: Suppose the elasticity of labor demand is
Q136: The following graph illustrates a low wage
Q138: Imposing a minimum wage in the labor
Q139: There are two separate labor markets in
Q140: The following graph illustrates a low wage
Q141: Unlike the minimum wage,the Earned Income Tax
Q142: According to the textbook,the best possible solution
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents