A Minimum Wage That Is Set Above a Market's Equilibrium

question 42

Multiple Choice

A minimum wage that is set above a market's equilibrium wage will result in an excess

• A)demand for labor,that is,unemployment.
• B)demand for labor,that is,a shortage of workers.
• C)supply of labor,that is,unemployment.
• D)supply of labor,that is,a shortage of workers.

---

Definitions:

Outcome Variable

Another term for the dependent variable, which is the variable expected to change as a result of manipulations to the independent variable(s).

Correlated

A statistical term describing the extent to which two variables change together, indicating a relationship between them.

Unrelated

Not connected or associated in any specific way, especially referring to variables that do not show a statistical relationship.

Slope

The rate at which a variable changes along the axis of another variable, often representing the steepness of a line in a graphical representation.