What Impact Would an Increase in the Minimum Wage Have

question 167

Multiple Choice

What impact would an increase in the minimum wage have on the quantity demanded and quantity supplied of labour?

• A) It would increase both the quantity demanded and the quantity supplied of labour.
• B) It would decrease both the quantity demanded and the quantity supplied of labour.
• C) It would increase the quantity of labour demanded while decreasing the quantity supplied.
• D) It would decrease the quantity of labour demanded while increasing the quantity supplied.

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Definitions:

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A series of occupations, jobs, or positions a person holds over their working lifetime, involving progression and growth in a particular field.

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The ability of an entity or system to adapt to changes, challenges, or varying conditions without losing functionality or value.

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A structured arrangement of people and resources designed to achieve specific goals and objectives.

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Pertaining to a single person or thing, distinct from a group or collective.