At the minimum wage (set above the equilibrium wage), A : all individuals who end up working are paid less than if they...
At the minimum wage (set above the equilibrium wage),
A : all individuals who end up working are paid less than if they were paid the equilibrium wage.
B : none of the workers will lose there jobs or find themselves working fewer hours.
C : none of the individuals who end up working are paid more than if they were paid the equilibrium wage.
D : there will be fewer people working (or fewer labor hours demanded) than at the equilibrium wage.
E : none of the above
Homework Answers
Answer: D : There will be fewer people working (or fewer labor hours demanded) than at the equilibrium wage.
A minimum wage set above the equilibrium wage rate creates inefficiency and a dead weight loss. when a minimum wage is introduced above the equilibrium wage, the quantity of labor demanded decreases and the quantity of labor supplied increases thus creating unemployment.
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in this question,i thought at minimum wage rate 8$
rate there is more people to apply to jobs,but at 5$ people are
more reluctant to apply for jobs,so 8$ labor force increases but at
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Is this approach true? Which variables ffected by setting minimum
wage price in macroeconomics? Thank you
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