A-LevelEconomicsThe price system and the microeconomy9708/32 · Feb/Mar 2019 · Q161 Mark
The government introduces a minimum wage above the equilibrium market wage rate.
- How will this affect low-paid workers according to marginal revenue product (MRP) theory? A All those initially in employment will receive the new guaranteed minimum wage. B Fewer of those not already in employment will enter the labour force. C There will be an increase in the number of low-paid workers in employment. D Some low-paid workers will lose their job.[1]
Mark scheme
Marking points from the official mark scheme (Feb/Mar 2019). The mark or mark type is shown in brackets.
- [1] D
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