8. Minimum wage is
(1) The minimum price that an employer
can pay a worker for an hour of labor.
(2) The financial and opportunity costs
consumers pay when searching for a good or
service.
(3) A situation in which quantity supplied in
greater than quantity demanded; also
known as excess supply,
(4) Situation in which guantity demandes
greater than quantity supplied; also know
as excess demand.
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