Multiple Choice
Someone says,"Even though the equilibrium wage rate is $8 an hour in the unskilled labor market,if we impose a minimum wage of $10 an hour,no one currently working will lose his or her job." This person must believe that the
A) demand curve for unskilled labor is vertical.
B) demand curve for unskilled labor is downward-sloping.
C) supply curve for unskilled labor is downward-sloping.
D) supply curve for unskilled labor is horizontal.
E) none of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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