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1.Which of the following is the most likely outcome of minimum wage laws?

A.an increase in both the quantity

of labor supplied by workers and the quantity of labor demanded by firms

B.an increase in the quantity of labor supplied by workers and a decrease in the quantity of labor demanded by firms

C.a decrease in the quantity of labor supplied by workers and an increase in the quantity of labor demanded by firms

D.a decrease in both the quantity of labor supplied by workers and the quantity of labor demanded by firms


2.With a price ceiling above the equilibrium price,

A.quantity demanded would exceed quantity supplied.

B.quantity supplied would exceed quantity demanded.

C.the market would be in equilibrium.

D.the equilibrium price would be expected to fall over time.

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Question one B.an increase in the quantity of labor supplied by workers and a decrease in the quantity of labor demanded by... View the full answer

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