Suppose There Is a Semiskilled Labor Market and Two Different

question 22

Multiple Choice

Suppose there is a semiskilled labor market and two different unskilled labor markets.Initially,all three markets are in competitive equilibrium.What would happen if the government imposed a minimum wage rate above the competitive equilibrium rate in one of the unskilled labor markets?

• A)Wage rates will rise in all three markets.
• B)Wage rates will rise in both unskilled labor markets,but remain unchanged in the semiskilled labor sector.
• C)Wage rates will rise in the semiskilled labor market and in the unskilled labor market covered by the minimum wage,but fall in the other unskilled labor market.
• D)Wage rates will rise in the unskilled labor market covered by the minimum wage,remain unchanged in the other unskilled labor market,and fall in the semiskilled labor market.
• E)Wage rates will rise in the unskilled labor market covered by the minimum wage,but remain unchanged in the other two markets.

---

Definitions:

Top-Level Managers

Executives responsible for overseeing the strategic direction and decision-making of an entire organization, ensuring its long-term success and growth.

Strategic Objective

A specific, measurable goal that an organization aims to achieve to fulfill its long-term strategy.

Short-Term Bonuses

financial incentives provided to employees on a non-annual basis to encourage performance or reward achievements.

Top Performers

Employees who consistently exceed performance expectations and contribute significantly to the organization's success.