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Assume That This Graph Illustrates a Perfectly Competitive Labor Market

question 85

Multiple Choice

Assume that this graph illustrates a perfectly competitive labor market. Assume that this graph illustrates a perfectly competitive labor market. Suppose a minimum wage law required the wage to be at least $20 per hour in this market. If that happened, then: A) there would be an excess supply of person-hours. B) there would be excess demand for person-hours. C) the demand for person-hours would shift to the right. D) there would be no change the equilibrium number of person-hours. Suppose a minimum wage law required the wage to be at least $20 per hour in this market. If that happened, then:

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