Which the following are effects of a minimum wage that is above the market equilibrium wage? Select all that apply. The quantity of labor demanded falls. A market surplus is created. Employment increases and unemployment decreases. The quantity of labor supplied increases.
Which the following are effects of a minimum wage that is above the market equilibrium wage? Select all that apply. The quantity of labor demanded falls. A market surplus is created. Employment increases and unemployment decreases. The quantity of labor supplied increases.
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter4: Demand And Supply: Applications And Extensions
Section: Chapter Questions
Problem 6CQ
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![Which the following are effects of a minimum wage that is above the market equilibrium wage? Select all that apply.
The quantity of labor demanded falls.
A market surplus is created.
Employment increases and unemployment decreases.
The quantity of labor supplied increases.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9385eeaa-8922-4f40-8a6d-c84d31812fab%2Fca5967bf-3fbb-4845-bcdc-2ec75fceab41%2Fy3xs8nf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which the following are effects of a minimum wage that is above the market equilibrium wage? Select all that apply.
The quantity of labor demanded falls.
A market surplus is created.
Employment increases and unemployment decreases.
The quantity of labor supplied increases.
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