The Minimum Wage,which Sets a Lower Limit on the Wages

question 73

Multiple Choice

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) :

• A)price floor.
• B)price ceiling.
• C)quota.
• D)equilibrium price.

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Definitions:

Raw Materials

The basic, unprocessed resources required for manufacturing goods or providing services, such as metals, wood, oil, or agricultural products.

Outsourcing

Is the process of hiring outside firms to handle basic HRM functions, presumably more efficiently than the organization could.

Background Checks

The process of verifying an individual’s personal, financial, and/or criminal history, often done by employers to ensure the reliability of potential hires.

HR Duties

The responsibilities of the Human Resources department, including recruiting, hiring, training, and managing employee relations.