A minimum wage results in: Select one: a. unemployment if it is set below the market-clearing wage. b. unemployment if it is set above the market-clearing wage. c. a shortage of workers. d. increased demand for workers.

A minimum wage results in: Select one: a. unemployment if it is set below the market-clearing wage. b. unemployment if it is set above the market-clearing wage. c. a shortage of workers. d. increased demand for workers.

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 7.15P

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Question

A minimum wage results in:

Select one:

a. unemployment if it is set below the market-clearing wage.

b. unemployment if it is set above the market-clearing wage.

c. a shortage of workers.

d. increased demand for workers.

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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