Question

Assume that the labor market for retail workers is generally unskilled. If a minimum wage is set in the labor market for retail workers and that this minimum wage is above the equilibrium wage in this particular labor market, then __________ .

Answer 1

Answer:

there will be a surplus of retail workers in this labor market.

Explanation:

Here we presume that the labor market is not skilled. Now in the case when the minimum wage i.e. set and this wage should be more than the equilibrium wage so that means there is the surplus in the labor market

So as per the given situation, the above statement should be considered and fit to the given scenario

Hence the same is to be considered