Multiple Choice
If we were to observe above-equilibrium wages in a particular labor market, then a possible explanation might be that
A) the theory of efficiency wages holds true for that market.
B) there is a powerful labor union representing workers in that market.
C) workers are largely unskilled and/or inexperienced and minimum-wage laws are effectively holding wages up in that market.
D) All of the above are correct.
Correct Answer:
Verified
Correct Answer:
Verified
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