Consider a Competitive Labour Market

question 11

Multiple Choice

Consider a competitive labour market.The likely consequence of a binding minimum wage in this labour market is

• A)a higher wage for all individuals.
• B)a lower wage for all individuals.
• C)excess demand for workers.
• D)a labour shortage.
• E)unemployment.

---

Definitions:

Thyroid Gland

An endocrine gland located in the neck that produces hormones regulating the body's metabolic rate, heart and digestive function, muscle control, brain development, and bone maintenance.

Pituitary Gland

a small, pea-sized gland located at the base of the brain, responsible for regulating crucial body functions through the release of hormones.

Hypophysis

Another term for the pituitary gland, a small, pea-sized gland located at the base of the brain, responsible for controlling various hormonal activities in the body.

Lethargic

A state of sluggishness, fatigue, or lack of energy, often as a result of illness or medical conditions.