-The Above Figure Shows the Labour Market in an Undeveloped

question 102

Multiple Choice

-The above figure shows the labour market in an undeveloped nation. If the minimum wage is set at
$5) 00 per hour, what effect will it have on the market for low- skilled labour?

• A) The minimum wage will have no effect when set above the equilibrium wage rate.
• B) The minimum wage will create a surplus of low- skilled labour.
• C) The minimum wage will attract more labour to the low- skilled labour market and cause the wage rate to fall.
• D) The minimum wage will create a shortage of low- skilled labour.

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Definitions:

Carbonate Rocks

Sedimentary rocks primarily composed of carbonate minerals, such as limestone and dolomite, often formed in marine environments.

Lagoon Mudstone

A type of sedimentary rock formed from the compaction of mud accumulated in a lagoon environment, characterized by fine grains and layers.

Beach Sandstone

A type of sedimentary rock formed from compacted and lithified grains of sand, typically found in coastal environments.

Carbonate Rock

A rock composed mostly of carbonate minerals, especially calcite and dolomite.