Suppose a state passes a minimum wage law that increases the minimum wage from $5/hour to $20/hour. The equilibrium wage prior to the minimum wage hike was $10/hour. Which of the following is likely to result from the minimum wage? a. The state will experience full employment. b. Employers will demand more labor than workers will supply. c. The labor market will become more efficient. d. Some employers and workers will agree on a wage less than $20 and not report the wages to the government.
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