-In the Above Figure, If There Is No Minimum Wage

question 310

Multiple Choice

-In the above figure, if there is no minimum wage, the equilibrium employment is ________; if the government imposed a minimum wage of $8 per hour, employment is ________.

• A) 4,000 hours; 2,000 hours
• B) 3,000 hours; 4,000 hours
• C) 3,000 hours; 2,000 hours
• D) 4,000 hours; 3,000 hours

---

Definitions:

Business Games

Interactive simulations or activities designed to teach management, business strategies, or decision-making skills in an educational or training context.

Median

The middle value in a data set when it is ordered from smallest to largest, or the mean of the two middle numbers when the set has an even number of observations.

Mathematical Average

Another term for mean, which is calculated by adding up all the numbers in a set of data and dividing by the count of numbers.

Mode

The datum that is most recurrent in a given data set.