-In the Figure Above, If the Minimum Wage Is $4

question 101

Multiple Choice

-In the figure above, if the minimum wage is $4 per hour, then

• A) the quantity of labor supplied is less than the quantity of labor demanded.
• B) the quantity of labor supplied is 4 million hours and the quantity of labor demanded is 2 million hours.
• C) unemployment is 1 million hours.
• D) the quantity of labor supplied is 3 million hours and the quantity of labor demanded is 3 million hours.

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Definitions:

Restatement of Law

A set of treatises published by the American Law Institute meant to distill and clarify the common law of the United States.

Prohibitory

Pertaining to laws, rules, or regulations that forbid certain actions or behaviors.

Pervasive

Spreading widely throughout an area or group of people, especially of an unwelcome influence or physical effect.

Remedies

The means by which a right is enforced or the violation of a right is prevented, redressed, or compensated.