A Minimum Wage Set Above the Equilibrium Wage Will

question 281

Multiple Choice

A minimum wage set above the equilibrium wage will

• A) create a shortage of labor.
• B) create a surplus of labor.
• C) have no effect because the equilibrium level of employment is not affected by a minimum wage above the equilibrium wage.
• D) create a lower wage rate for skilled workers than for unskilled workers.

---

Definitions:

Sapir and Whorf

Two linguists who proposed the Sapir-Whorf Hypothesis, suggesting that the structure of a language affects its speakers' world view or cognition.

Language Determines

A concept suggesting that the structure and vocabulary of a language influence the perceptions and worldview of its speakers.

Popular Culture

The set of practices, beliefs, and objects that are dominant or prevalent in a society at a given point in time.

Public Perceptions

The collective attitudes or beliefs held by the general public about issues, events, or figures.