Multiple Choice
Assume that a minimum wage is created and imposed above the equilibrium wage in an otherwise perfectly competitive labor market.Which of the following will NOT occur as a result of this new law?
A) The quantity of labor seeking jobs will rise.
B) The unemployment rate will rise.
C) The level of employment will increase.
D) None of the above will occur.
Correct Answer:
Verified
Correct Answer:
Verified
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