Consider the market for dog walkers that is currently in equilibrium. If the government institutes a minimum wage that is below the market wage, what will be the consequence for dog walkers? Select the correct answer below: A. there will be a shortage of dog walkers B. there will be a surplus of dog walkers C. the wage in the market will be unaffected D. not enough information is provided

C.the wage in the market will be unaffected

Explanation:

Market for 'Dog Walkers' is a case of 'Labour market'. In Labour markets, employees are sellers & firms buyers of the labour skills.

Government imposition of minimum wage (base price) below the market wage is not a binding price floor, as it causes no change in the equilibrium wage, since equilibrium age rate is already above the government laid down price floor.

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.