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8 Dec 2019

A minimum wage that is set above a market's equilibrium wage will result in an excess 

  1. demand for labor, that is, unemployment. 

  2. supply of labor, that is a shortage of workers. 

  3. demand for labor, that is a shortage of workers. 

  4. supply of labor, that is unemployment.

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Trinidad Tremblay
Trinidad TremblayLv2
8 Dec 2019
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Related textbook solutions

Introductory Statistics
OER Edition, 2013
Openstax
ISBN: 9781938168208

Related questions

Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force? What is the official unemployment rate? 

Determine whether the given value is a statistic or a parameter.

a.) The mean salary for construction workers is .

b.) In a study of all students at a college it is found that own a vehicle.

c.) A homeowner measured the voltage supplied to his home on days of a given week, the average (mean) value is .

d.) A particular country has total states. If the areas of states are added and the sum is divided by , the result is  .

All else held constant, an increase in the price of tablets will result in a

 

  1. leftward shift of the demand curve for tablets.

  1. rightward shift of the demand curve for tablets.

  1. decrease in the demand for tablets.

  2. movement up and to the left along the demand curve for tablets.

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