If Minimum Wages Are Set Above the Equilibrium Wage in the Market,then

question 63

Multiple Choice

If minimum wages are set above the equilibrium wage in the market,then the number of workers hired will be _____ the number of people who are willing to work at the prevailing wage.

• A)less than
• B)greater than
• C)equal to
• D)less than,greater than,or equal to

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Definitions:

Profit Center

A department or segment of a business responsible for generating its own revenue and profit.

Minimizing Costs

The process of reducing expenses to the lowest possible level while maintaining efficiency and effectiveness.

Maximizing Profits

The process or strategy of adjusting operations, costs, and pricing to achieve the highest possible return or net income.

Division Revenues

The total amount of income generated by a specific division or section of a company through its operations and sales.