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-Refer to Figure 8-1

Question 56

Multiple Choice

-Refer to Figure 8-1.What would be the effect if the real wage was $2 above the equilibrium wage? A) There would be a shortage of 40 million workers and the wage rate would rise. B) There would be a shortage of 20 million workers and the wage rate would rise. C) There would be a surplus of 40 million workers and the wage rate would fall. D) There would be a surplus of 20 million workers and the wage rate would fall. E) The government would set a minimum wage.
-Refer to Figure 8-1.What would be the effect if the real wage was $2 above the equilibrium wage?


A) There would be a shortage of 40 million workers and the wage rate would rise.
B) There would be a shortage of 20 million workers and the wage rate would rise.
C) There would be a surplus of 40 million workers and the wage rate would fall.
D) There would be a surplus of 20 million workers and the wage rate would fall.
E) The government would set a minimum wage.

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