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11 Dec 2019
Suppose the minimum wage is $4 per hour, and 1,100 units of labour are hired. Then the government raises the minimum wage to $6 per hour, and 900 units are now hired. Choose the correct statement.
A) Total wages paid to workers has fallen.
B) There is unemployment in this labour market.
C) The quantity of labour supplied is greater at the higher minimum wage.
D) The price elasticity of demand for labour is 0.5.
E) all of the above except A.
Suppose the minimum wage is $4 per hour, and 1,100 units of labour are hired. Then the government raises the minimum wage to $6 per hour, and 900 units are now hired. Choose the correct statement.
A) Total wages paid to workers has fallen.
B) There is unemployment in this labour market.
C) The quantity of labour supplied is greater at the higher minimum wage.
D) The price elasticity of demand for labour is 0.5.
E) all of the above except A.
4 Mar 2023
Bunny GreenfelderLv2
16 Apr 2020
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