-(Exhibit: the Minimum Wage) If It Is Thought That Wages

question 31

Multiple Choice

-(Exhibit: The Minimum Wage) If it is thought that wages for some workers are not "sufficient" and a minimum wage is established at W_m, which is a wage _______ , that means that _______ workers will now be hired.

• A) ceiling; L₂
• B) floor; L₁
• C) floor; L₂
• D) ceiling; L₃

---

Definitions:

Accounts Receivable

Money owed to a company by its customers for products or services that have been delivered but not yet paid for.

Adjusting Entry

An accounting journal entry made at the end of a period to record any unrecognized income or expenses for that period, ensuring accuracy of the financial statements.

Maturity Value

The amount to be paid to the holder of a financial instrument at its maturity date.

Note Receivable

A written promise that one party will receive a specified sum of money from another party at a future date.