true false when a minimum-wage law forces the wage to remain above the level that balances supply and demand, the quantity of labor supplied is higher and the quantity demanded of labor is lower than at the equilibrium wage. a. true b. false

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26-10-2022
Business

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true false when a minimum-wage law forces the wage to remain above the level that balances supply and demand, the quantity of labor supplied is higher and the quantity demanded of labor is lower than at the equilibrium wage. a. true b. false

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abhinavjh321 abhinavjh321 · Answer 1 · 2022-10-31T09:15:18+01:00

It is accurate to say that when a minimum wage regulation keeps wages above the point where supply and demand balanced, more labor is provided and less labor demanded, they would be at the equilibrium wage.

Demand in economics refers to the quantity of a good that consumers are willing and able to buy at different prices at a particular time. The term "demand curve" refers to the correlation between price and quantity demand. An item's perceived necessity, price, perceived quality, convenience, alternatives that are offered, buyer preferences and disposable income, among many other factors, all affect how much demand there is for that particular item. The basic link between a good's prospective prices and the quantities that would be bought at those prices is called the demand relationship.

In general, the relationship is negative, which means that raising the price will result in lowering the quantity demanded. It makes sense and is straightforward to assume that the two are adversely correlated.

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