Use the Following Table to Answer the Questions That Follow

question 145

Multiple Choice

Use the following table to answer the questions that follow.

-If a minimum wage is set at $5.50,what would be the amount of disequilibrium in the labor market?

• A) There would be a labor shortage of 25,515,000.
• B) There would be a labor surplus of 25,515,000.
• C) There would be neither a shortage nor a surplus.
• D) A labor surplus of 25,515,000 would be eliminated because individuals would decide to work in the illegal black market.
• E) A labor surplus of 25,515,000 would increase as individuals find work in the illegal black market.

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