Figure 18-3 -Refer to Figure 18-3.If the Relevant Labor Supply Curve Is

question 8

Multiple Choice

Figure 18-3

-Refer to Figure 18-3.If the relevant labor supply curve is S₂ and the current wage is W₁,

• A)there is a surplus of labor.
• B)the quantity of labor demanded exceeds the quantity of labor supplied.
• C)an increase in the minimum wage could be employed to restore equilibrium in the market.
• D)All of the above are correct.

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