If a Minimum Wage Is Set Above the Equilibrium Wage

question 133

Multiple Choice

If a minimum wage is set above the equilibrium wage rate, employment

• A) will not change.
• B) will increase.
• C) will decrease.
• D) may increase, decrease or not change depending on how the supply of labour is affected by the minimum wage.

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Definitions:

Roller Coaster

An amusement park ride consisting of a track with tight turns, steep slopes, and sometimes inversions, designed to thrill riders.

Primary Emotion

Basic emotions that are universally recognized and experienced by all humans, such as happiness, sadness, fear, and anger.

Disgust

An emotional response of revulsion to something considered offensive, distasteful, or unpleasant.

Circumplex Model

A model describing different emotions as points in a circular space, defined by their level of arousal and valence.