lohnnaw3837 lohnnaw3837

10-02-2020
Business

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What are the effects of a minimum wage set below the equilibrium wage? A minimum wage set below the equilibrium wage _______.

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BenitoMarin BenitoMarin

11-02-2020

Answer:

The correct answer is: has no effect.

Explanation:

Setting the minimum wage below its equilibrium point has no effect on the economy. The labor market in that region would not have a minimum wage but there is no major impact. On the other hand, if the minimum wage is set above the equilibrium wage, there would be a labor force surplus.

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