Multiple Choice
The equilibrium wage in a local labor market is $6 per hour.If a minimum wage of $8 per hour is imposed,which of the following will occur?
A) There will be an increase in unemployment.
B) There will be an increase in the quantity of labor demanded by firms.
C) There will be a decrease in the quantity of labor supplied by households.
D) All of the above will occur.
Correct Answer:
Verified
Correct Answer:
Verified
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