Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $12.50. Which of the following statements are

Question

A senator is considering introducing a bill to establish a minimum hourly wage of $12.50. Which of the following statements are true? Select all that apply:

Binding minimum wages increase the natural rate of unemployment.
If the minimum wage were set at $9.50, the market would still be able to reach equilibrium.
In this labor market, a minimum wage of $12.50 would be binding.
In the absence of price controls, a surplus exerts upward pressure on wages until they rise to the equilibrium level.

Anonymous · Accepted Answer

correct, but each time you dont pay the price of the penalty can increase.

Anonymous · Answer

a. $48.75 is the answer to your question

Anonymous · Answer

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services. 2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable3 wants things that you do not need to have in order to survive, but would like to have needs things that you must have in order to survive goods physical products services tasks that a business perform for customers resources items that people can use to make or obtain what they need or want determine to settle or decide by choice of alternatives or possiblities 4 i really dont know

Anonymous · Answer

3rd the reason why is because of management and leadership

Anonymous

Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $12.50. Which of the following statements are

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