If the Minimum Wage Was Currently Above the Equilibrium Wage

question 197

Multiple Choice

If the minimum wage was currently above the equilibrium wage, what would a decrease in the minimum wage do to the quantity demanded and quantity supplied of labour?

• A) It would increase both the quantity demanded and the quantity supplied of labour.
• B) It would decrease both the quantity demanded and the quantity supplied of labour.
• C) It would increase the quantity of labour demanded and decrease the quantity supplied.
• D) It would decrease the quantity of labour demanded and increase the quantity supplied.

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Definitions:

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