When a Minimum-Wage Law Forces the Wage to Remain Above

question 411

Multiple Choice

When a minimum-wage law forces the wage to remain above the level that balances supply and demand, it

• A)raises the quantity of labor supplied and raises the quantity of labor demanded compared to the equilibrium level.
• B)raises the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.
• C)reduces the quantity of labor supplied and raises the quantity of labor demanded compared to the equilibrium level.
• D)reduces the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.

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Definitions:

Cognitive Psychology

A branch of psychology focused on studying mental processes such as perception, memory, thought, and problem-solving.

Behavioral Psychology

A branch of psychology that focuses on the study and alteration of people's behaviors, including their actions, emotions, and thoughts.

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The complex network of cells, tissues, and organs that work together to defend the body against infections and diseases.