Which the following are effects of a minimum wage that is above the market equilibrium wage? Select all that apply.The quantity of labor demanded falls.A market surplus is created.Employment increases and unemployment decreases.The quantity of labor supplied increases.

The amount of work that is required decreases:The cost of hiring workers rises above what companies…

Answered: Which the following are effects of a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which the following are effects of a minimum wage that is above the market equilibrium wage? Select all that apply. The quantity of labor demanded falls. A market surplus is created. Employment increases and unemployment decreases. The quantity of labor supplied increases.