Ask Question
BusinessBusiness
20 May, 09:23

An increase in the minimum wage will tend to cause which of the following to occur? A. an increase in the size of the surplus of labor B. a rightward shift in the supply of labor C. a leftward shift in the demand for labor D. a reduction in the unemployment rate

+1
Answers (1)
  1. 20 May, 10:35
    0
    The answer is B.

    Explanation:

    The law of supply states that the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

    Labor is resource in factor market. Factor market is a market where factor of production like capital, labor, land etc are sold and bought.

    With an increase in minimum wage, many people will be willing to work. This means there is an increase in supply of labor which will lead to rightward shift in the supply of labor.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “An increase in the minimum wage will tend to cause which of the following to occur? A. an increase in the size of the surplus of labor B. a ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
In the Cournot model, a firm maximizes profit by selecting A. its output, assuming that other firms keep their output constant. B. its price, assuming that other firms keep their price constant. C. its price, assuming that other firms will retaliate.
Answers (1)
Ncua what is their purpose
Answers (1)
A financial advisor offers you two investment opportunities. Both offer a rate of return of 11%. Investment A promises to pay you $450 in 1 year, $650 in 2 years, and $850 in 3 years.
Answers (1)
Ben bought a local artist's painting for $2100. Several years later. Ben sold it for $2700. The year Ben sold the painting. he was in the 12% tax bracket. What % will Ben's gain be taxed at?
Answers (1)
Toyota embraces lean techniques, including lean accounting. What are the key components of lean accounting
Answers (1)
New Questions in Business
Norma's health insurance plan does not require
Answers (2)
If you wanted to find the job description for a certain job, where should you look? A. newspaper B. Web sites or books about careers C. history book D. social-networking Web site
Answers (1)
When preparing a direct materials budget, the required purchases of raw materials in units equals: Question 9 options: A) raw materials needed to meet the production schedule + desired ending inventory of raw materials - beginning inventory of raw
Answers (1)
Assume that last year, Isaac earned 13.6 percent on his investments while U. S. Treasury bills yielded 2.7 percent, and the inflation rate was 2.2 percent. What real rate of return did he earn on his investments last year? A) 10.39 percent B) 11.
Answers (1)
Benson, Inc., has sales of $38,530, costs of $12,750, depreciation expense of $2,550, and interest expense of $1,850. The tax rate is 21 percent. What is the operating cash flow, or OCF?
Answers (1)
Home » Business » An increase in the minimum wage will tend to cause which of the following to occur? A. an increase in the size of the surplus of labor B. a rightward shift in the supply of labor C. a leftward shift in the demand for labor D.
Sign Up Forgot Password?