Refer to the Information Provided in Figure 13

question 222

Multiple Choice

Refer to the information provided in Figure 13.3 below to answer the questions that follow. Figure 13.3
-Refer to Figure 13.3. A minimum wage of $10

• A) will lead to unemployment of 20.
• B) will lead to unemployment of 40.
• C) will lead to unemployment of 60.
• D) will have no effect because the minimum wage is set at the equilibrium wage and for a minimum wage to have any effect on the labor market it must be below the equilibrium wage.

---

Definitions:

Parity Ratio

A ratio that compares two quantities to determine if they are equal, often used in economics to compare the value of different items.

Prices Received

The amount of money that sellers receive for their goods or services, often considered in the context of market dynamics and economic analysis.

Farmers

Individuals engaged in agriculture, raising living organisms for food or raw materials, often on a farm or rural setting.

Percent

A unit of measure used to express a proportion or a fraction of a whole, represented as a part of one hundred.