MCQ 1 Consider a competitive labour market in which the current equilibrium wage is £10 per hour. If the government imposes a minimum wage of £8 per hour, in this market we would expect to observe: A a fall in the wage and an increase in the demand for labour a rise in the wage and a fall in the demand for labour C a rise in the wage, but the change in the demand for labour can't be detemined from the information provided D no change in the wage and no change in the demand for labour a fall in the wage, but the change in the demand for labour can't be determined from the information provided I do not want to answer this question. B

MCQ 1 Consider a competitive labour market in which the current equilibrium wage is £10 per hour. If the government imposes a minimum wage of £8 per hour, in this market we would expect to observe: A a fall in the wage and an increase in the demand for labour a rise in the wage and a fall in the demand for labour C a rise in the wage, but the change in the demand for labour can't be detemined from the information provided D no change in the wage and no change in the demand for labour a fall in the wage, but the change in the demand for labour can't be determined from the information provided I do not want to answer this question. B

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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