Suppose All Workers in the Fast-Food Industry Receive a Substantial

question 57

Multiple Choice

Suppose all workers in the fast-food industry receive a substantial pay increase because of an increase in the minimum wage. What will happen in the fast-food industry that employs these workers?

• A)Supply will decrease.
• B)Supply will increase.
• C)Output will rise.
• D)Demand will decrease.
• E)Prices will fall.

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Definitions:

Replacement

The process of substituting one element for another in a particular context, such as replacing a part in machinery or modifying a dataset.

Inferences

The process of drawing logical conclusions about a population based on sample data.

Sampling Distribution

The probability distribution of a given statistic based on a random sample, used to infer the population parameter.

Childcare

The care and supervision of a child or multiple children, usually from age six weeks to age thirteen.