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Question
According to the above table, if the minimum wage is set at $20 per hour, then
A) there is an excess demand for labor.
B) the quantity of labor supplied exceeds the quantity of labor demanded by 50 million hours per month.
C) the quantity of labor demanded will increase until it is equal to the quantity of labor supplied.
D) the labor demand curve will shift until $20 is the new equilibrium real wage rate.
E) the labor supply curve will shift until $20 is the new equilibrium real wage rate.
Answer
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Related questions
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E) the population keeps growing.
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