Multiple Choice
Suppose the current equilibrium real wage is $15 an hour.Which of the following is true?
A) A real wage above $15 an hour would lead to an excess demand for labor
B) A real wage above $15 an hour would lead to an excess supply of labor
C) The real wage must fall to prevent unemployment
D) The real wage must rise to prevent unemployment
E) A real wage below $15 an hour would lead to an excess supply of labor
Correct Answer:
Verified
Correct Answer:
Verified
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