If the Minimum Wage Is Set Above the Equilibrium Wage,then

question 60

Multiple Choice

If the minimum wage is set above the equilibrium wage,then

• A)nothing would change.
• B)only those with above average skills would be able to find employment.
• C)the demand for labour would be greater than the supply.
• D)a labour shortage would occur.
• E)there would be an increase in unemployment.

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Definitions:

Significant Problem

An issue or challenge of considerable importance or magnitude that demands attention and resolution.

Politicians

Individuals who are actively involved in politics, especially those holding or seeking office in government.

Platforms

Digital or physical spaces designed for various activities including social and economic exchanges.

Minimum Wage

The lowest legal salary that employers can pay workers, set by government regulations to ensure a basic standard of living for employees.