Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $7.50. which of the following statements are true? check all that apply. a. binding minimum wages cause frictional unemployment. b. if the minimum wage is set at $10.50, the market will not reach equilibrium. c. in the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium. d. in this labor market, a minimum wage of $7.50 is binding.

Over the past several years, joyce chen has been able to save regularly. as a result, today she has $54,188 in savings and investments. she wants to establish her own business in 5 years and feels she will need $100,000 to do so. a. if she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? will joyce have the $100,000 she needs? if not, how much more money will she need? b. given your answer to part a, how much will joyce have to save each year over the next 5 years to accumulate the additional money? assume she can earn interest at a rate of 6%. c. if joyce can afford to save only $4,000 a year then, given your answer to part a, will she have the $100,000 she needs to start her own business in 5 years?