If Minimum Wages Are Set Above the Equilibrium Wage in the Market

question 49

Essay

If minimum wages are set above the equilibrium wage in the market, then the number of workers hired will be the number of people who are willing to work.
A.less than
B.greater than
C.equal to
D.either less than, greater than, or equal to

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Definitions:

Psychosexual Stages

A theory proposed by Freud describing how personality develops through five stages (oral, anal, phallic, latency, genital) centered on erogenous zones.

Phallic

Relating to or resembling the penis, often used in the context of Freudian psychoanalysis to describe a stage of human development.

Genital

Pertaining to the external and internal organs of reproduction in both males and females.

Defense Mechanism

Psychological strategies brought into play by individuals, groups, or even nations to cope with reality and to maintain self-image.