-The Above Figure Shows a Labor Market with a Minimum

question 17

Multiple Choice

-The above figure shows a labor market with a minimum wage of $8 an hour.How many people are employed when the minimum wage is in place?

• A) 40,000
• B) 60,000
• C) 80,000
• D) fewer than 40,000
• E) more than 80,000

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Definitions:

Empirically Based

Pertains to practices, theories, or approaches that are supported by observable and measurable evidence, often through scientific research and experimentation.

Intuitive Knowledge

Understanding or knowledge gained without conscious reasoning, often based on instinct.

Logical Consistency

The attribute of an argument, theory, or system of thought in which all its components fit together without contradiction.

Observation

The active acquisition of information from a primary source.