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Price Ceilings, Price Floors, and Black Markets
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Price Ceilings, Price Floors, and Black Markets
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5. Consumer and Producer Surplus; Price Ceilings and Price Floors / Price Ceilings, Price Floors, and Black Markets / Problem 3
Problem 3
What is a potential negative consequence of a high minimum wage set above the equilibrium wage?
A
Decreased productivity in the labor market.
B
Increased unemployment among low-skilled workers.
C
Higher profits for businesses.
D
Increased employment opportunities for all workers.
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