Log in
Economics
1
answer
0
watching
68
views

The effect of a legal minimum wage set above the equilibrium wage rate is:

a. a decrease in the quantity of labor supplied

b. an excess quantity of labor demanded

c. an increase in the quantity of labor demanded

d. an excess quantity of labor supplied

Watch
1
answer
0
watching
68
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Sonia Dhawan
Sonia DhawanLv10
26 Oct 2020

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

By itself, the substitution effect of an increase in the wage rate will

a. always lead to an increase in the quantity of labor supplied
b. always lead to a decrease in the quantity of labor supplied
c. lead to an increase in the quantity of labor supplied only if leisure is like a normal good
d. lead to an increase in the quantity of labor supplied only if leisure is not a normal good
e. lead to an increase in the quantity of labor supplied only if the income effect works in the same direction

By itself, the substitution effect of an increase in the wage rate will

a. Always lead to an increase in the quantity of labor supplied.

b. Always lead to a decrease in the quantity of labor supplied.

c. Lead to an increase in the quantity of labor supplied only if leisure is like a normal good.

d. Lead to an increase in the quantity of labor supplied only if leisure is not a normal good.

e. Lead to an increase in the quantity of labor supplied only if the income effect works in the same direction.

What is the calculation to solve for the wage elasticity oflabor?

The % change in quantity of labor demanded divided by the %change in wage.

The % change in quantity of labor supplied divided by the %change in wage.

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in