When the Minimum Wage Is Established Above the Equilibrium Wage,then

question 56

Multiple Choice

When the minimum wage is established above the equilibrium wage,then:

• A) Shortages of jobs result,since sellers move down the labor-supply curve.
• B) Surpluses of jobs result,since sellers move up the labor-supply curve.
• C) Shortages of labor result,since buyers move down the labor-demand curve.
• D) Surpluses of labor result,since buyers move up the labor-demand curve.

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Definitions:

Practical

Pertains to real-world applications or actions rather than theoretical ideas, emphasizing usability and effectiveness in everyday situations.

Functionalist Theorists

Scholars who analyze society through the lens of function, arguing that each aspect of society is interdependent and contributes to society's functioning as a whole.

Social Change

The alteration in the social order of a society, encompassing changes in nature, social institutions, social behaviors, or social relations.

Stability

The state or quality of being stable; resistance to change, deterioration, or displacement.