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The Federal Minimum Wage in 2010 Was $7

Question 304

Multiple Choice

The federal minimum wage in 2010 was $7.25. If this wage rate was less than the equilibrium wage, what is the effect?


A) The minimum wage does not create unemployment.
B) The number of people who want to work at the minimum wage is the same as the number of available jobs.
C) The number of people who want to work at the minimum wage is greater than the number of available jobs.
D) Deadweight loss exists.

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