-The Labour Demand and Labour Supply Schedules Are Given in the Table

question 3

Multiple Choice

-The labour demand and labour supply schedules are given in the table above. If a minimum wage of $11 per hour is imposed,

• A) a surplus of 300 workers occurs.
• B) 900 workers are employed.
• C) there is no shortage or surplus of workers.
• D) Both answers B and C are correct.
• E) Both answers A and C are correct.

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Definitions:

Skill-Based Pay Programs

Compensation strategies where employees are paid based on the skills, certifications, or knowledge they bring to their position, rather than solely on job title or tenure.

Topping Out Effect

Refers to a situation where growth or improvement reaches a maximum level and no significant advancement seems possible.

Profit-Sharing Programs

A company policy where a portion of the company's profits is distributed to its employees, often based on their performance or as an incentive.

Organizational Performance

The measure of how effectively an organization meets its objectives and achieves its goals.