-Refer to Figure 8-1

question 56

Multiple Choice

-Refer to Figure 8-1.What would be the effect if the real wage was $2 above the equilibrium wage?

• A) There would be a shortage of 40 million workers and the wage rate would rise.
• B) There would be a shortage of 20 million workers and the wage rate would rise.
• C) There would be a surplus of 40 million workers and the wage rate would fall.
• D) There would be a surplus of 20 million workers and the wage rate would fall.
• E) The government would set a minimum wage.

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Definitions:

Unequally Distributed

Referring to an uneven allocation or dispersion of resources, rights, or assets among different groups or individuals.

Credential Inflation

The devaluation of educational or professional qualifications due to the increasing number of people attaining these credentials, making it more difficult to secure jobs without higher levels of education.

Certificates

Official documents attesting to the truth of certain facts or the completion of specific requirements, often relating to education, qualification, or ownership.

Educational Achievement

The level of educational attainment or success a person or group has achieved, often measured through qualifications, grades, or test scores.