How Would an Economist Explain a Teenager's Continued Unemployment Where

question 133

Multiple Choice

How would an economist explain a teenager's continued unemployment where there exists a minimum wage?

• A) The minimum wage law made it such that the quantity of labor willing to work at that wage was less than the quantity of labor demanded at that wage.
• B) The minimum wage law made it illegal to hire teenagers because they likely would have been unable to work a minimum number of hours.
• C) The minimum wage law made it such that the quantity of labor willing to work at that wage was greater than the quantity of labor demanded at that wage.
• D) The minimum wage law made it such that the market had reached equilibrium.
• E) The minimum wage law was nonbinding.

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Definitions:

Narcissistic

A trait characterized by an excessive preoccupation with oneself, a need for admiration, and a lack of empathy for others.

Histrionic

Relating to an excessive display of emotion or seeking of attention.

Schizotypal

A personality disorder characterized by severe social anxiety, thought disorder, paranoid ideation, derealization, transient psychosis, and often unconventional beliefs.

Compulsion

A compelling desire to act in a specific manner, even if it goes against what one consciously wants.