How Would an Economist Explain a Teenager's Continued Unemployment Where

question 133

Multiple Choice

How would an economist explain a teenager's continued unemployment where there exists a minimum wage?

• A) The minimum wage law made it such that the quantity of labor willing to work at that wage was less than the quantity of labor demanded at that wage.
• B) The minimum wage law made it illegal to hire teenagers because they likely would have been unable to work a minimum number of hours.
• C) The minimum wage law made it such that the quantity of labor willing to work at that wage was greater than the quantity of labor demanded at that wage.
• D) The minimum wage law made it such that the market had reached equilibrium.
• E) The minimum wage law was nonbinding.

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Definitions:

Lean Production

A manufacturing methodology aiming at minimizing waste and maximizing efficiency by using less of everything compared to mass production.

Community Flexibility

The ability of a community to adapt to changes, challenges, or opportunities in its environment.

Employment Flexibility

The adaptability of employment terms and conditions to meet both the employer's and employees' needs, including work hours, job duties, and location of work.

Pay Flexibility

The ability of employers to adjust wages based on market conditions, performance, or other factors.