Question
In this market, the equilibrium hourly wage is $10, and the equilibrium qty of labor is 350 thousand workers. Suppose a senator introduces a bill
In this market, the equilibrium hourly wage is $10, and the equilibrium qty of labor is 350 thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a______________
a. price ceiling
b. tax
c. quota
d. price floor
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Basic Econometrics
Authors: Damodar N. Gujrati, Dawn C. Porter
5th edition
73375772, 73375779, 978-0073375779
