If the Minimum Wage Were Currently Above the Equilibrium Wage,than

question 41

Multiple Choice

If the minimum wage were currently above the equilibrium wage,than a decrease in the minimum wage would

• A)increase both the quantity demanded and the quantity supplied of labor.
• B)decrease both the quantity demanded and the quantity supplied of labor.
• C)increase the quantity of labor demanded and decrease the quantity supplied.
• D)decrease the quantity of labor demanded and increase the quantity supplied.

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Definitions:

Venture Capitalists

Individuals who fund startup businesses and small enterprises believed to have potential for long-term expansion, in return for a share of ownership.

General Public

Refers to the aggregate of individuals in society who are not actively involved in the planning or execution of business, governmental, or professional activities.

Economic Growth

An increase in the production of goods and services in an economy over a certain period, indicating the health of the country's economy.

Interest Rates

The cost of borrowing money expressed as a percentage of the total amount loaned, or the reward for saving and lending money.