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Refer to the Diagram Below, Which Shows a Competitive Low-Wage

Question 36

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refer to the diagram below, which shows a competitive low-wage labor market:

refer to the diagram below, which shows a competitive low-wage labor market: -Consider the diagram.Suppose the government establishes a minimum wage of $7.00 in this market.Which of the following is a true statement? A) Demand is elastic over the relevant range,so that total wage income rises B) Demand is elastic over the relevant range,so that total wage income falls C) Demand is inelastic over the relevant range,so that total wage income rises D) Demand is inelastic over the relevant range,so that total wage income falls
-Consider the diagram.Suppose the government establishes a minimum wage of $7.00 in this market.Which of the following is a true statement?


A) Demand is elastic over the relevant range,so that total wage income rises
B) Demand is elastic over the relevant range,so that total wage income falls
C) Demand is inelastic over the relevant range,so that total wage income rises
D) Demand is inelastic over the relevant range,so that total wage income falls

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