​Figure 53

question 16

Multiple Choice

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market.
-Refer to figure 5.3. Suppose the government imposes a minimum wage of $8. Which of the following is a possible outcome of the imposition of a minimum wage above the equilibrium wage rate?​

• A)​There will be a rightward shift in the labor supply curve.
• B)​There will be a rightward shift in the labor demand curve.
• C)​There will be an increase in the quantity of jobs offered, from Q to Q_II, and a fall in the quantity of labor supplied, from Q to Q_I.
• D)​There will be a fall in the quantity of jobs offered, from Q to Q_I, and an increase in the quantity of labor supplied, from Q to Q_II.
• E)​There will be an increase in the producer surplus, at the minimum wage rate.

---

Definitions:

Emotionality

The intensity and expression of complex emotional states, often reflecting an individual's capacity to respond emotionally to experiences.

Empirically Derived

Developed or created based on systematic observation or experimentation rather than theory alone.

Heritable

Traits or characteristics that can be passed from parents to their offspring through genes.

Self-efficacy

An individual's belief in their own capability to execute behaviors necessary to produce specific performance attainments.