At the Minimum Wage (Set Above the Equilibrium Wage)

question 9

Multiple Choice

At the minimum wage (set above the equilibrium wage) ,

• A)all individuals who end up working are paid less than if they were paid the equilibrium wage.
• B)none of the workers will lose there jobs or find themselves working fewer hours.
• C)none of the individuals who end up working are paid more than if they were paid the equilibrium wage.
• D)there will be fewer people working (or fewer labor hours demanded)than at the equilibrium wage.

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Definitions:

Proposition

A proposition is a statement or assertion that expresses a judgment or opinion.

Syllogism

A form of deductive reasoning that arrives at a conclusion based on two premises, where each shares a common term.

Premise

A statement or idea that is accepted as a truth and serves as the basis for an argument or reasoning.

Conclusion

The statement that follows logically from the premises in an argument.