Suppose the Current Equilibrium Wage Rate for Lifeguards in Houston

question 209

Multiple Choice

Suppose the current equilibrium wage rate for lifeguards in Houston is $7.85 an hour.A minimum wage law that creates a price floor of $8.50 an hour leads to

• A) a surplus of lifeguards in Houston.
• B) a shortage of lifeguards in Houston.
• C) no changes in the lifeguard market.
• D) a change in the quantity of lifeguards supplied but no change in the quantity of lifeguards demanded.
• E) an increase in the number of lifeguards employed.

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