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Suppose that a minimum wage is instituted at a level above the equilibrium wage rate. It is reasonable to expect a shortage of workers, because
Suppose that a minimum wage is instituted at a level above the equilibrium wage rate. It is reasonable to expect
a shortage of workers, because the quantity of labor demanded will exceed the quantity supplied.
a shortage of works, because the quantity of labor supplied will exceed the quantity demanded.
a surplus of workers, because the quantity of labor demanded will exceed the quantity supplied.
a surplus of workers, because the quantity of labor supplied will exceed the quantity demanded.
a surplus of workers, because the demand for labor will exceed the supply of labor.
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