Use the Following Table to Answer the Next Five Questions

question 67

Multiple Choice

Use the following table to answer the next five questions.

-If a minimum wage is set at $5.50,predict the amount of disequilibrium in the labor market.

• A) There would be a labor shortage of 25,515,000.
• B) There would be a labor surplus of 25,515,000.
• C) There would be neither a shortage nor a surplus.
• D) A labor surplus of 25,515,000 would be eliminated because individuals would decide to work in the illegal black market.
• E) A labor surplus of 25,515,000 would increase as individuals find work in the illegal black market.

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Definitions:

Research Participants

Participants in research studies who provide data by sharing their reactions or actions.

Conscious Awareness

Pertains to the state of being aware of one's thoughts, feelings, and environment in the present moment.

Automatic Behavior

Actions performed with little to no conscious thought, often due to habits or innate reflexes.

Compulsive Craving

An uncontrollable and intense desire for a particular substance or experience, often associated with addiction.