If the Minimum Wage Is Set Above the Equilibrium Wage,then

question 15

Multiple Choice

If the minimum wage is set above the equilibrium wage,then

• A) more people will work than at the equilibrium wage.
• B) the same number of people will work as at the equilibrium wage.
• C) fewer people will want to work than at the equilibrium wage.
• D) there will be fewer labor hours purchased by employers than at the equilibrium wage.
• E) none of the above

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Definitions:

Technology Response

The way individuals, groups, or societies react and adapt to technological innovations and changes.

Correspondent Inference

Correspondent inference is a theory in social psychology that explains how individuals infer the disposition or traits of others from their observed behavior, especially when their actions are freely chosen.

External Attribution

The process of attributing the cause of a behavior or event to situational factors outside the control of the individual.

Availability Heuristic

A cognitive heuristic that depends on readily accessible examples in an individual's memory when assessing a particular subject, idea, technique, or choice.