A Minimum Wage That Is Set Below a Market's Equilibrium

question 116

Multiple Choice

A minimum wage that is set below a market's equilibrium wage will

• A)result in an excess demand for labor,that is,unemployment.
• B)result in an excess demand for labor,that is,a shortage of workers.
• C)result in an excess supply of labor,that is,unemployment.
• D)have no impact on employment.

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Definitions:

Gene-Environment Interaction

The complex interplay between genetic predispositions and environmental influences on an individual's traits and behaviors.

Individual Differences

Variations among individuals in their behavior, emotion, and cognition.

Phenotype

The set of observable characteristics or traits of an organism, resulting from the interaction of its genotype with the environment.