Author Question: If a minimum wage is set above the free-market equilibrium wage in a competitive labour market, the ... (Read 82 times)

Aimless0988 · **on:** Oct 12, 2022

Question 1

A legislated minimum wage is comparable to
◦ bilateral monopoly.
◦ a price ceiling.
◦ a price floor.
◦ a hidden-market price.
◦ a rent control.

Question 2

If a minimum wage is set above the free-market equilibrium wage in a competitive labour market, the labour market will experience an increase in wages and
◦ employment will decrease.
◦ employment will increase.
◦ employment will remain the same.
◦ there is an unpredictable effect on employment.
◦ there will be no unemployment.

ekattan2 · **Reply #1 on:** Oct 12, 2022

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