If the Minimum Wage Exceeds the Equilibrium Wage,then

question 3

Multiple Choice

If the minimum wage exceeds the equilibrium wage,then

• A)the quantity demanded of labor will exceed the quantity supplied.
• B)the quantity supplied of labor will exceed the quantity demanded.
• C)the minimum wage will not be binding.
• D)there will be no unemployment.

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Time Period

A specific duration or interval of time, often used in the context of analysis, planning, or measurement within various fields including finance and economics.

Recession

A period of temporary economic decline during which trade and industrial activities are reduced, typically recognized by a fall in GDP in two consecutive quarters.

1937-1938

The period marking a recession within the Great Depression in the United States, often attributed to contractionary monetary and fiscal policies.

1980

A year notable for various significant global and national events, including economic changes, political decisions, and cultural shifts.