Minimum Wage Laws

question 338

Multiple Choice

Minimum wage laws

• A) create a price floor below which workers cannot be legally paid.
• B) create a shortage of workers because no one would be willing to work for the minimum wage.
• C) have no impact on wages because the equilibrium wage is higher than the minimum wage.
• D) are prime examples of price ceilings.

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Definitions:

Idealism

A philosophical approach that asserts reality is fundamentally mental or spiritual in nature, emphasizing the importance of ideals, values, and moral principles.

Economic Value Orientation

A focus on actions and decisions that maximize economic value and financial health for stakeholders.

Moral Philosophies

The study of moral principles and values that guide behavior in various contexts, concerning what is right and wrong.

Work-Related Decision

A choice or judgment made in the context of one's employment or job responsibilities.