Multiple Choice
Use the following table to answer the next five questions.
-If a minimum wage is established at $7.50,determine the amount of disequilibrium in the labor market.
A) There would be a shortage of labor of 20,170,000.
B) There would be a surplus of labor of 20,170,000.
C) There would be neither a shortage nor a surplus.
D) A labor shortage of 20,170,000 would be eliminated because individuals would decide to work in the illegal black market.
E) A labor shortage of 20,170,000 would increase as individuals find work in the illegal black market.
Correct Answer:
Verified
Correct Answer:
Verified
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