If a fast food restaurant was one of many hiring workers, the minimum wage was $7.25 an hour and it was paying $7.25 an hour. Suppose the economy slides into recession such that the new equilibrium wage was $6.50 per hour. This would cause them to
A) lower their offering wage to $6.50 an hour.
B) raise their offering wage to $9.00 an hour.
C) do nothing differently.
D) pay between $7.25 and $9.00.
Correct Answer:
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Q1: Q2: A wage sufficient to keep a family Q4: The longest period of time where the Q5: If a fast food restaurant was one Q6: If a fast food restaurant was one Q7: The real minimum wage was at its Q8: At $7.25 per hour the 2016 inflation Q9: At $5.15 per hour the 2007 inflation
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