Losers from the Minimum Wage Laws Include All of the Following

question 20

Multiple Choice

Losers from the minimum wage laws include all of the following except

• A)businesses.
• B)consumers.
• C)workers.
• D)all of these may lose from minimum wage laws.

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Definitions:

Externality Analysis

The study of costs or benefits that affect parties who did not choose to incur that cost or benefit, typically used in the context of environmental and public policy.

Public Interest Theory

A theory suggesting that regulation is supplied in response to the demand of the public for the correction of inefficient or inequitable market practices.

Excise Tax

A tax on the sale or consumption of specific goods or services, such as tobacco, alcohol, and fuel.

Per Gallon

A unit of measurement used to quantify quantities, such as fuel efficiency or liquid commodity prices, based on volume per gallon.