Regarding the categories of unemployment, how does a minimum-wage law compareto firms paying higher-than-equilibrium wages?The minimum wage creates structural unemployment, while firms paying wagesabove equilibrium create frictional unemployment.The minimum wage and firms paying wages above equilibrium both createfrictional unemployment.The minimum wage creates frictional unemployment, while firms paying wagesabove equilibrium create structural unemployment.The minimum wage and firms paying wages above equilibrium both createstructural unemployment.

Temporary unemployment brought on by job searching or job switching is known as frictional…

Answered: Regarding the categories of…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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