When a minimum-wage law forces the wage to remain above the equilibrium level, the result is a. both a shortage of labor and a shortage of jobs b. a shortage of labor and surplus of jobs c. a surplus of labor and a shortage of jobs d, both surplus of labor and a surplus of jobs

When a minimum-wage law forces the wage to remain above the equilibrium level, the result is a. both a shortage of labor and a shortage of jobs b. a shortage of labor and surplus of jobs c. a surplus of labor and a shortage of jobs d, both surplus of labor and a surplus of jobs

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 20RQ: Whether the product market or the labor market, what happens to line equilibrium price and quantity...

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Question

When a minimum-wage law forces the wage to remain above the equilibrium level, the result is

a. both a shortage of labor and a shortage of jobs

b. a shortage of labor and surplus of jobs

c. a surplus of labor and a shortage of jobs

d, both surplus of labor and a surplus of jobs

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