ECO101H1 Lecture : Q7 Minimum Wage Equilibrium (Hard)
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Economic theory unambiguously predicts that total employment will be reduced when an effective minimum wage law is introduced:
A. |
in a monopsony labor market. |
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B. |
in a perfectly competitive labor market if all workers in this market are covered by the minimum wage law. |
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C. |
in a perfectly competitive market, even if some workers and firms are not covered by the minimum wage law. |
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D. |
under no circumstances |