• 2022-06-16
    A wage is the price for labor. A minimum wage set above equilibrium wage would be an example of:
    A: . a price ceiling.
    B: . a price floor.
    C: . a gap in prices or wages.
    D: . a wage settlement.
  • B

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    • 0

      An increase in the population and hence the supply of labor causes a A: shortage of labor at the original real wage rate and the real wage rate will fall. B: surplus of labor at the original real wage rate and the real wage rate will rise. C: surplus of labor at the original real wage rate and the real wage rate will fall. D: shortage of labor at the original real wage rate and the real wage rate will rise.

    • 1

      The causes of wage-push inflation are ( ). A: Wage price spiral B: Strong labor union C: Incompletely competitive labor market D: Expansionary income policy

    • 2

      the minimum wage

    • 3

      An increase in taxes on labor income shifts the labor supply curve ________ and the ________. A: leftward; after-tax wage rate falls B: rightward; before-tax wage rate rises C: leftward; after-tax wage rate rises D: rightward; before-tax wage rate falls

    • 4

      A profit-maximizing competitive firm will hire workers up to the point at which the wage equals the price of the final good