Figure 18-7 -Refer to Figure 18-7. If the Relevant Labor Supply Curve

question 351

Multiple Choice

Figure 18-7
-Refer to Figure 18-7. If the relevant labor supply curve is S2 and the current wage is W1,

• A) there is a surplus of labor.
• B) the quantity of labor demanded exceeds the quantity of labor supplied.
• C) an increase in the minimum wage could restore equilibrium in the market.
• D) firms will need to raise the wage to restore equilibrium.

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