Suppose That the Equilibrium Wage Rate in an Industry Is

question 127

True/False

Suppose that the equilibrium wage rate in an industry is $10 per hour.The government then sets a minimum wage of $12 per hour.The result will be a surplus of labour supply.

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Definitions:

Earliest Fossils

The oldest known remnants or impressions of ancient organisms preserved in rock.

Own Species

The specific group of organisms to which an individual belongs, identifying it from others in terms of genetics and morphology.

Million Years Ago

A unit of time used in geology and paleontology to denote periods that are millions of years in the past from the present day.

Stromatolites

Layered bio-chemical structures formed in shallow water by the trapping, binding, and cementation of sedimentary grains by microorganisms, mainly cyanobacteria.