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In Countries That Have High Minimum Wages and Require a Lengthy

Question 1

Multiple Choice

In countries that have high minimum wages and require a lengthy and costly process to get permission to open a business

A) Reducing either the minimum wage or the time and cost to open a business would have no effect on the long-run aggregate supply curve.
B) Reducing the minimum wage and the time and cost to open a business would both shift the long-run aggregate supply curve to the right.
C) Reducing the minimum wage would shift long-run aggregate supply to the right.Reducing the time and cost to open a business would have no affect on the long-run aggregate supply curve.
D) Reducing the minimum wage would have no affect on the long-run aggregate supply curve.Reducing the time and cost to open a business would shift the long-run aggregate supply curve to the right.

Correct Answer: