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Economics · Oct / Nov 2021 · Paper 13 · Question 11

2281Workers

The market equilibrium wage rate is $10 per hour. What explains why the wage rate actually paid is $12 per hour?

  1. AEmployers are competing for labour.
  2. BThe government sets a minimum wage of $12 per hour.
  3. CThere is a surplus of skilled labour.
  4. DWorkers have received unpaid training.

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Correct answer: B. The government sets a minimum wage of $12 per hour.

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