FIGURE 5- 1 -Refer to Figure 5- 1. If the Diagram Applies to Diagram

question 101

Multiple Choice

FIGURE 5- 1
-Refer to Figure 5- 1. If the diagram applies to the labour market, and P3 represents a legislated minimum wage,

• A) the labour market is in disequilibrium.
• B) the amount of labour employed will rise from quantity F to quantity C.
• C) there will be excess demand of AC in the labour market.
• D) there will be unemployment of AC in the labour market.
• E) the free- market equilibrium wage is P0 and the labour market is unaffected by the minimum wage.

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Definitions:

Industrial Relations System

A conceptual framework concerning the structure and processes involved in the employment relationship, including the interactions among employers, employees, and their representatives.

Worker Rights

The legal, moral, and social entitlements that relate to individuals' conditions and treatment in their place of employment.

Employer Rights

The legal protections and authorities granted to employers, such as the right to manage and operate their business, make employment decisions, and establish workplace policies within the framework of the law.

Younger Workers

Individuals in the early stages of their working lives, often referred to in discussions about labor market entry, workplace training, and employment opportunities.