To Be Effective in Raising People's Wages,a Minimum Wage Must

Multiple Choice

To be effective in raising people's wages,a minimum wage must be set

A) above the equilibrium wage rate.
B) below the equilibrium wage rate.
C) equal to the equilibrium wage rate.
D) below $7.
E) either above or below the equilibrium wage depending on whether the supply curve of labor shifts rightward or leftward in response to the minimum wage.