Question 36 Which of the following is not correct? a. The economy contains many labor markets...

Question 36

Which of the following is not correct?

a.

The economy contains many labor markets for different types of workers.

b.

The impact of the minimum wage depends on the skill and experience of the worker.

c.

The minimum wage is binding for workers with high skills and much experience.

d.

The minimum wage is not binding when the equilibrium wage is above the minimum wage.

Expert Solution

The answer is c
c. The minimum wage is binding for workers with high skills and much experience.

A minimum wage is like a price floor ie it describes the minimum price for a labour market.If the minimum wage is below the equilibrium wage it is ineffective.The economy consists of several labour markets.The impact of the minimum wage depends on the skill and experience of the worker.

Rahul Sunny answered 2 years ago

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