A Number of States Have a Minimum Wage That Is

question 6

Multiple Choice

A number of states have a minimum wage that is higher than the federal minimum. In those states that impose such a minimum wage, it is more likely that the minimum wage acts as a binding:

• A) price floor, causing excess supply in the market.
• B) price floor, causing excess demand in the market.
• C) price ceiling, causing excess supply in the market.
• D) price ceiling, causing excess demand in the market.

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Definitions:

Near Future

A period of time that is immediately ahead, often implying that expected events or changes are imminent.

Intermediate Future

Intermediate future refers to a medium-term time horizon that individuals or organizations plan for, typically ranging from the next few months to several years ahead, balancing between short-term actions and long-term strategies.

Distant Future

A time well beyond the present, often associated with long-term projections or speculations.

Source of Satisfaction

The origin or cause of contentment and fulfillment for an individual or group.