A minimum wage that is set above a market's equilibrium wage will result in aGroup of answer choicesquantity of labor demanded less than that supplied and a shortage of workers.quantity of labor supplied greater than that demanded and a shortage of workers.quantity of labor supplied greater than that demanded and unemployment.quantity of labor demanded greater than that supplied and unemployment.

If the minimum wage is above the equilibrium wage,a.anyone who wants a job at the minimum wage can find one.b.the quantity demanded of labor will equal the quantity supplied.c.the quantity demanded of labor will be less than the quantity supplied.d.the quantity demanded of labor will be greater than the quantity supplied.

An decrease in the minimum wage will tend to cause which of the following?Group of answer choicesAn increase in the quantity demanded of laborAn increase in the number of workers employedAn increase in the quantity supplied of laborA reduction in poverty

Which of the following is not correct?Group of answer choicesThe economy contains many labor markets for different types of workers.The impact of a minimum wage depends on the skill and experience of the worker.A minimum wage would be binding for workers with high skills and much experience.A minimum wage would not be binding if the equilibrium wage was above the minimum wage.

(Consider a Macroeconomics perspective) Minimum wage is a government intervention on labour compensation which is equivalent to a price floor in the labour market. Although it aims to protect the well being of workers, it would also increase firms’  (three words). As a result, it would cause the  (two words) to shift leftward, resulting in a decrease in real output and an increase in the  (three words).

Minimum wage is an example of a price floor. If minimum wage laws are enforced, there is ___in the market.A.balanceB.efficiencyC.a surplusD.equilibriumE.a shortage