which of the following is not the outcome of a minimum wage set above the market equilibrium wage? assume that the demand curve is downward sloping and the supply curve is upward sloping.

Economic equilibrium, as used in economics, is a state in which forces such as supply and demand are in balance and the values of economic variables will not change in the absence of external influences. Equilibrium, for instance, happens when the quantity demanded and the quantity given is equal, as in the classic text perfect competition.

In this context, market equilibrium refers to the situation in which a market price is set through competition in such a way that the number of goods or services demanded by buyers and the number of goods or services provided by sellers is equal. The amount is referred to as the "competitive quantity," and this price is frequently referred to as the competitive price or market clearing price. It tends to remain stable absent changes in supply or demand.

The correct question is:

Select one:

a. Quantity supplied of labor is higher than quantity demanded

b. Deadweight loss is equal to zero

c. Some workers experience an increase in the individual producer surplus

d. Some firms lay off workers

e. Some workers become unemployed

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