Question on: JAMB Economics - 2024
The diagram below shows the relationship between:
A
minimum wage and unemployment
B
equilibrium wage rate and Phillips curve
C
W4 and W3
D
wage rate and unemployment
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Correct Option: D
The question refers to a diagram that is not provided. However, based on the options, the most likely relationship shown is the inverse relationship between wage rate and unemployment.
A higher wage rate can lead to higher unemployment because firms may reduce labor demand, while a lower wage rate may reduce unemployment.
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