Effects of Imposing a Minimum Wage
Which of the following statements is true when the minimum wage is imposed?
A
The quantity of labor supplied will increase by 2,000 from the equilibrium level.
B
There will be 2,000 more available jobs than available workers.
C
The quantity of labor demanded will decrease by 2,000 from the equilibrium level.
D
The wage rate will decrease.
E
There will be 2,000 more available workers than available jobs.