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Exploring Macroeconomics 7th Edition

Exploring Macroeconomics (7th Edition)

Book Edition7th Edition
Author(s)Sexton
ISBN9781285859446
PublisherCengage Learning
SubjectEconomics
Section 10.1: Macroeconomic Goals
IN TEXT QUESTION
Section 10.6: Economic Fluctuations
IN TEXT QUESTION
Chapter 10, Section 10.4, SECTION QUIZ, Exercise 2a
Page 277

Which of the following statements is true?

  • a.

    At the minimum wage, the quantity of labor supplied grows because more people are willing to work at a higher wage.

  • b.

    At the minimum wage, the quantity of labor demanded falls because some employers would find it unprofitable to hire low-skilled workers at the higher wage.

  • c.

    Both (a) and (b) are true.

  • d.

    None of the above is true.

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