This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If an increase in the government-imposed minimum wage pushes the price (wage) of unskilled labor ... (Read 103 times)

ap345

  • Hero Member
  • *****
  • Posts: 537
on: Jun 30, 2018
If an increase in the government-imposed minimum wage pushes the price (wage) of unskilled labor above market equilibrium, which of the following will most likely occur in the unskilled labor market?
 a. An increase in quantity of unskilled labor demanded.
  b. A decrease in the quantity of unskilled labor supplied.
  c. A shortage of unskilled labor.
  d. A surplus of unskilled labor (unemployment).

Question 2

If a government-imposed price floor legally sets the price of milk above market equilibrium, which of the following will most likely happen?
 a. The quantity of milk demanded will increase.
  b. The quantity of milk supplied will decrease.
  c. There will be a surplus of milk.
  d. There will be a shortage of milk.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

brittanywood

  • Sr. Member
  • ****
  • Posts: 355
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

c


ap345

  • Member
  • Posts: 537
Reply 2 on: Jun 30, 2018
Gracias!

Mochi

  • Member
  • Posts: 300
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Your heart beats over 36 million times a year.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

Most fungi that pathogenically affect humans live in soil. If a person is not healthy, has an open wound, or is immunocompromised, a fungal infection can be very aggressive.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

Figure 7.1 shows the rapid decline in the trust of Americans in government since the 1960s. This de Figure 7.1 shows the rapid decline in the trust of Americans in government since the 1960s. This de
Does Intelligence Increase with Brain Size? Does Intelligence Increase with Brain Size?
Risk of Stroke and Heart Disease Increase with Increasing Blood Pressure Risk of Stroke and Heart Disease Increase with Increasing Blood Pressure
Growth of Government Spending, 1870–2009 Growth of Government Spending, 1870–2009
Keeping your feelings to yourself may increase your stress level Keeping your feelings to yourself may increase your stress level
Three queens, fertile females in species that have a reproductive division of labor. Three queens, fertile females in species that have a reproductive division of labor.
Video: Cerebral Cortex Animation

For a complete list of videos, visit our video library