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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Definitions:

Memory Errors

Mistakes or inaccuracies that occur in the process of encoding, storing, and recalling information, often leading to false memories or forgetting.

Confidence Level

A statistical measure that expresses the degree of certainty or trust in a sampling method or experimental result.

Recollection

The action of remembering something not immediately present to the senses, often through conscious effort.

Memories Accuracy

The extent to which recalled information matches the original encoded event, important for the integrity of human memory.