Suppose that the demand for labour is given by P = 30 - Q and the supply of labour is given by P =
2Q. Which of the following is true if a minimum wage of 24 is imposed on the labour market?
A) the dead weight loss will be 24.
B) unemployment will be 2.
C) the number of people laid off will be 6.
D) the minimum wage is not binding.
Correct Answer:
Verified
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