If the Minimum Wage Is Set Above the Equilibrium Wage,then

question 15

Multiple Choice

If the minimum wage is set above the equilibrium wage,then

• A) more people will work than at the equilibrium wage.
• B) the same number of people will work as at the equilibrium wage.
• C) fewer people will want to work than at the equilibrium wage.
• D) there will be fewer labor hours purchased by employers than at the equilibrium wage.
• E) none of the above

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Definitions:

Planned Behavior

A theory that predicts individuals' behavior based on their intentions, attitudes towards the behavior, subjective norms, and perceived behavioral control.

Theory of Planned Behavior

This theory posits that human behavior is guided by three kinds of considerations: behavioral beliefs, normative beliefs, and control beliefs.

Theory of Reasoned Action

A psychological theory that explains the relationship between attitudes and behaviors within human action, suggesting that behavioral intentions are influenced by personal attitudes and the subjective norms surrounding an action.

Effort Justification

is a concept in social psychology that explains why people tend to assign greater value to outcomes they've worked hard to achieve.