-In the Above Figure, If There Is No Minimum Wage

question 310

Multiple Choice

-In the above figure, if there is no minimum wage, the equilibrium employment is ________; if the government imposed a minimum wage of $8 per hour, employment is ________.

• A) 4,000 hours; 2,000 hours
• B) 3,000 hours; 4,000 hours
• C) 3,000 hours; 2,000 hours
• D) 4,000 hours; 3,000 hours

---

Definitions:

Production Functions

Mathematical models that describe the relationship between input factors (like labor and capital) and the output of goods or services.

Technically Feasible

Refers to a project or proposal that is possible and practical to achieve with the current level of technology.

Least Cost

A principle or strategy focused on achieving a particular objective at the minimum possible cost.

Short Run

A period in economics where at least one factor of production is fixed, and firms can only partially adjust to changes in market demand.