-In the Figure Above,if the Minimum Wage Is $8 Per

question 138

Multiple Choice

-In the figure above,if the minimum wage is $8 per hour,then

• A) resources used in job-search activity increase compared to the situation before the minimum wage.
• B) it is legal to hire workers for a wage below the minimum wage because otherwise unemployment would result.
• C) the deadweight loss is minimized.
• D) Both answers A and B are correct.
• E) Both answers B and C are correct.

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Definitions:

Intuitive Judgment

The ability to understand or know something without the need for conscious reasoning or direct evidence.

Bias

A tendency to favor or lean towards a particular perspective, judgment, or result over others, often in a way considered to be unfair.

Intuitive Judgments

Decisions or assessments made based on gut feelings or instincts rather than analytical reasoning or explicit reasoning.

Arbitrary

Based on random choice or personal whim, rather than any reason or system.