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Consider the effect of a minimum wage imposed in an unregulated labour market. Which of the following statements is correct? i. A minimum wage set
Consider the effect of a minimum wage imposed in an unregulated labour market. Which of the following statements is correct?
i. A minimum wage set above the equilibrium wage increases the quantity of labour supplied.
ii. A minimum wage set above the equilibrium wage increases the supply of labour.
iii. A minimum wage set above the equilibrium wage decreases the demand for labour.
A. I
B. II
C. III
D. I, II, & III
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