Multiple Choice
Use the following table to answer the questions that follow.
-If a minimum wage is set at $5.50,what would be the amount of disequilibrium in the labor market?
A) There would be a labor shortage of 25,515,000.
B) There would be a labor surplus of 25,515,000.
C) There would be neither a shortage nor a surplus.
D) A labor surplus of 25,515,000 would be eliminated because individuals would decide to work in the illegal black market.
E) A labor surplus of 25,515,000 would increase as individuals find work in the illegal black market.
Correct Answer:
Verified
Correct Answer:
Verified
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