The Effect of a Legal Minimum Wage Set Above the Equilibrium

question 69

Multiple Choice

The effect of a legal minimum wage set above the equilibrium wage rate is

• A) an excess quantity of labor demanded.
• B) an excess quantity of labor supplied.
• C) an increase in the quantity of labor demanded.
• D) a decrease in quantity of labor supplied.

---

Definitions:

Israel

A country in the Middle East, known for its historical and religious significance, as well as its contemporary technological and cultural advancements.

United States

A country located primarily in North America, comprising 50 states, a federal district, five major self-governing territories, and various possessions.

Literacy And Schooling

The relationship between the ability to read and write, and formal education processes.

Cognitive Processing

Cognitive processing refers to the series of mental activities involved in acquiring, organizing, and understanding information, including perception, memory, and decision-making.