If the Labor Market Worked Efficiently,then an Effective Minimum Wage

question 92

Multiple Choice

If the labor market worked efficiently,then an effective minimum wage law would:

• A) cause unemployment.
• B) hold wages higher than the equilibrium price.
• C) help those who were employed at that price.
• D) All of these statements are true.

---

Definitions:

Mutually Exclusive

Two or more events that cannot happen at the same time; the occurrence of one event precludes the occurrence of the other(s).

Nonzero Probabilities

Probabilities that are greater than zero, indicating that an event has a chance of occurring.

Sample Space

The set of all possible outcomes or results in an experiment or a random trial.

Experimental Outcomes

The possible results that can occur from a planned experimental procedure, each outcome being a unique result of the experiment.