If the Minimum Wage Were Currently Above the Equilibrium Wage,then

question 13

Multiple Choice

If the minimum wage were currently above the equilibrium wage,then a decrease in the minimum wage that kept it above the equilibrium wage would

• A)increase the surplus of labor.
• B)reduce the surplus of labor.
• C)increase the shortage of labor.
• D)reduce the shortage of labor,

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Definitions:

Pilgrims

Early settlers of the Plymouth Colony in present-day Massachusetts, known for their 1620 voyage aboard the Mayflower seeking religious freedom.

Cape Cod

A geographic cape extending into the Atlantic Ocean from the southeastern corner of mainland Massachusetts, in the northeastern United States.