Refer to the Information Provided in Figure 13

Multiple Choice

Refer to the information provided in Figure 13.3 below to answer the questions that follow. Figure 13.3
-Refer to Figure 13.3. A minimum wage of $8

A) will lead to an excess demand for labor of 20.
B) will lead to an excess demand for labor of 40.
C) will lead to an excess demand for labor of 60.
D) will have no effect because the minimum wage is set below the equilibrium wage and for a minimum wage to have any effect on the labor market it must be above the equilibrium wage.