At the Minimum Wage (Set Above the Equilibrium Wage)

question 20

Multiple Choice

At the minimum wage (set above the equilibrium wage) ,

• A) all individuals who end up working are paid less than if they were paid the equilibrium wage.
• B) none of the workers will lose there jobs or find themselves working fewer hours.
• C) none of the individuals who end up working are paid more than if they were paid the equilibrium wage.
• D) there will be fewer people working (or fewer labor hours demanded)than at the equilibrium wage.
• E) none of the above

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Definitions:

Class

A group of students who are taught together in school or a categorization based on shared characteristics or attributes.

Cognitive Dissonance

The mental discomfort or psychological stress experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time.

Psychological Discomfort

A state of emotional distress or unease, often arising from situations that challenge one's existing beliefs or perceptions.

Inconsistent Thoughts

Cognitive states or patterns that lack coherence, often characterized by conflicting ideas or beliefs that do not align logically.