In a Particular Labour Market,the Demand for Labour Is Given

question 162

Multiple Choice

In a particular labour market,the demand for labour is given by W = 20 - (1 / 100) L,and the supply of labour is given by W = 4 + (1 / 100) L,where W is the wage rate,and L is the number of workers.Suppose that the government decides to impose a minimum wage of $15.The wage will:

• A) have no effect since it is below the equilibrium wage.
• B) cause a shortage of workers since it is above the equilibrium wage.
• C) cause a surplus of workers since it is above the equilibrium wage.
• D) result in increases in wages for workers who were employed at the equilibrium wage only.

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