explain your answer What are the effects of a minimum wage set below the equilibrium wage? A
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What are the effects of a minimum wage set below the equilibrium wage? A minimum wage set below the equilibrium wage OA. lowers the wage rate and creates a labor shortage OB. has no effect on the equilibrium wage rate or the quantity' of labor employed OC. lowers the wage rate and creates a labor surplus ☆ OD. has no effect on the equilibrium wage rate but it creates a black market for labor What are the effects of a minimum wage set below the equilibrium wage? A minimum wage set below the equilibrium wage OA. lowers the wage rate and creates a labor shortage OB. has no effect on the equilibrium wage rate or the quantity' of labor employed OC. lowers the wage rate and creates a labor surplus ☆ OD. has no effect on the equilibrium wage rate but it creates a black market for labor
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