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:

Longer Adjustment

The extended period of time required for an individual to adapt or become accustomed to new conditions or changes.

Expert Thought

Advanced cognitive process characterized by the ability to solve complex problems, make decisions, and understand concepts deeply, often in a specific domain of knowledge.

Routine

A set of usual or fixed procedures or practices, especially one followed regularly, contributing to efficiency and order.

Decades of Life

Distinct ten-year periods in an individual's life used to mark significant phases of development or events.