A Minimum Wage That Is Set Below a Market's Equilibrium

question 116

Multiple Choice

A minimum wage that is set below a market's equilibrium wage will

• A)result in an excess demand for labor,that is,unemployment.
• B)result in an excess demand for labor,that is,a shortage of workers.
• C)result in an excess supply of labor,that is,unemployment.
• D)have no impact on employment.

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Definitions:

Base Class

A class from which other classes are derived.

Instance Variables

Variables defined in a class for which each instantiated object of the class has its own copy.

Final Modifier

A keyword in Java indicating that a variable cannot be reassigned, a method cannot be overridden, or a class cannot be inherited.

Derived Class

In OOP, it is a class that extends another class, inheriting its methods and properties, allowing for polymorphism and code reuse.