Suppose That the Demand for Labour Is Given by P

question 73

Multiple Choice

Suppose that the demand for labour is given by P = 30 - Q and the supply of labour is given by P =
2Q. Which of the following is true if a minimum wage of 24 is imposed on the labour market?

• A)the dead weight loss will be 24.
• B)unemployment will be 2.
• C)the number of people laid off will be 6.
• D)the minimum wage is not binding.

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Definitions:

Psychoanalysis

A therapeutic approach founded by Freud that aims to explore unconscious conflicts driving psychological disorders.

Bed-Wetting

The involuntary urination during sleep, especially common among young children.

Emotional Conflicts

A psychological state characterized by inner turmoil and tension due to conflicting emotions or desires.

Cognitive Therapists

Mental health professionals who treat psychological issues through an emphasis on modifying dysfunctional thoughts and beliefs.