Which of the following is not correct?Group of answer choicesThe economy contains many labor markets for different types of workers.The impact of a minimum wage depends on the skill and experience of the worker.A minimum wage would be binding for workers with high skills and much experience.A minimum wage would not be binding if the equilibrium wage was above the minimum wage.

A minimum wage that is set above a market's equilibrium wage will result in aGroup of answer choicesquantity of labor demanded less than that supplied and a shortage of workers.quantity of labor supplied greater than that demanded and a shortage of workers.quantity of labor supplied greater than that demanded and unemployment.quantity of labor demanded greater than that supplied and unemployment.

With reference to the labour market model, which of the following statements is correct?Select one correct answerGroup of answer choicesThe unemployed can get a job by offering to work for a wage lower than the equilibrium wageFirms aim to set as high a price as possible.Once they have the job, employees are better off not exerting any effort in their work.In order to motivate employees to work hard and well, firms set the wage sufficiently high so that workers receive an employment rent, in other words, there is a nonzero cost of job loss.

An decrease in the minimum wage will tend to cause which of the following?Group of answer choicesAn increase in the quantity demanded of laborAn increase in the number of workers employedAn increase in the quantity supplied of laborA reduction in poverty

If the minimum wage is above the equilibrium wage,a.anyone who wants a job at the minimum wage can find one.b.the quantity demanded of labor will equal the quantity supplied.c.the quantity demanded of labor will be less than the quantity supplied.d.the quantity demanded of labor will be greater than the quantity supplied.

Multiple Choice QuestionIn a purely competitive market for labor, because each firm hires a Blank______ fraction of market supply, it cannot influence the market Blank______.Multiple choice question.small; supplylarge; wagelarge; demandsmall; wage