I need help on No.7 Question Completion Status: a shortage of the good at a pric

Question

I need help on No.7

Question Completion Status: a shortage of the good at a price above the market equilibrium price. a shortage of the good at a price below the market equilibrium price QUESTION 7 f the market equilibrium wage for entry-level fast-food workers is $10 an hour, while the minimum wage is $18, what impact does the minimum wage have in this industry? (Choose all correct answers). The minimum wage encourages more fast-food workers to seek jobs. The minimum wage has no effect in this market. The minimum wage encourages fast-food companies to hire fewer workers. minimum wage increases unemployment among fast-food workers. QUESTION 8 The next three questions pertain to the article, "Help the Working Poor but Share the Burden, nn pertain to che idte rhelp the Workins wor but share the Burden by Gregory Mankiw. You can find Cource Schedule in the Week 3 Thursday Reading Assignment column.

Explanation / Answer

Because the minimum wage is higher than the market wage rate, it is expected to create unemployment. Also fast food workers are likely to seek jobs because the wage rate is now increased. At the same firms will hire fewer workers since they have to pay a higher wage

Select 1), 3) and 4) options.

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