If a Minimum Wage Is Posted in the Labor Market

question 1

Multiple Choice

If a minimum wage is posted in the labor market:

• A) the demand for labor would increase.
• B) the supply of labor would decrease.
• C) a surplus of labor would develop.
• D) All of the answers are correct.

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Definitions:

Taste Buds

Sensory organs located on the tongue, allowing the perception of taste, including sweet, sour, salty, bitter, and umami.

Olfactory Cells

Specialized sensory neurons located in the olfactory epithelium of the nose, responsible for detecting odorous molecules and sending signals to the brain.

Mechanoreceptors

Sensory receptors that respond to mechanical pressure or distortion, involved in detecting touch, pressure, and sound.

Cutaneous Receptors

Sensory receptors located in the skin that respond to touch, pressure, temperature, and pain.