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The minimum wage,which sets a lower limit on the wages that workers can earn,is often above the equilibrium price.The minimum wage is an example of a(n) :
Measurement Error
The difference between a measured value and the true value, owing to inaccuracies in data collection or interpretation.
Variability
The extent to which data points in a dataset differ from each other and from their average value, indicating the spread or dispersion in the dataset.
True Score
In psychometrics, the actual score that accurately reflects the tested variable or trait in the absence of measurement errors.
Reliability
The degree to which an assessment tool produces stable and consistent results over multiple administrations under the same conditions.
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