The Likely Consequence of a Binding Minimum Wage in a Competitive

question 73

Multiple Choice

The likely consequence of a binding minimum wage in a competitive labour market is

• A) excess demand for workers.
• B) unemployment.
• C) a lower wage for all individuals.
• D) a labour shortage.
• E) a higher wage for all individuals.

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Definitions:

Fifteenth Amendment

An amendment to the U.S. Constitution ratified in 1870, granting African American men the right to vote by stating that the right to vote cannot be denied based on "race, color, or previous condition of servitude."

Women's Suffrage

Women's suffrage is the right of women to vote in elections, a milestone achievement in the feminist movement achieved at different times globally through sustained advocacy and activism.

Political Allies

Countries or entities that support each other politically, often due to shared interests, values, or objectives.

Reconstruction

The period after the Civil War (1865-1877) in the United States, focused on rebuilding the Southern states from the Confederacy and integrating freed slaves into society.