If a perfectly competitive labor market is in equilibrium and an effective minimum wage is imposed, which of the following will occur in the labor market?

I.The quantity of workers demanded will increase.

II.The quantity of workers supplied will decrease.

III.The wage will increase.

IV.The number of workers employed will increase.

a. I only

b. III only

c. I and IV only

d. II and IV only

e. II, III, and IV only