Suppose the Current Equilibrium Wage Rate for Lifeguards in Sydney

question 62

Multiple Choice

Suppose the current equilibrium wage rate for lifeguards in Sydney is $7.85 an hour. A minimum wage law that creates a price floor of $8.50 an hour leads to

• A) no changes in the lifeguard market.
• B) a shortage of lifeguards in Sydney.
• C) an increase in the number of lifeguards employed.
• D) a change in the quantity of lifeguards supplied but no change in the quantity of lifeguards demanded.
• E) a surplus of lifeguards in Sydney.

---

Definitions:

Problem Orientation

An individual's attitude or approach towards solving problems, including their readiness to engage with and resolve challenges.

Cognitive-behavior Modification

A therapeutic approach that combines cognitive and behavioral techniques to modify dysfunctional thought patterns and behaviors.

Attribution Retraining

A form of cognitive-behavioral therapy that focuses on changing the way individuals attribute causality to events, aiming to improve their outlook and reactions.

Self-instruction Training

A cognitive-behavioral technique where individuals learn to guide their actions through self-directed instructions.