When the Minimum Wage Rises in a Competitive Labour Market

question 52

Multiple Choice

When the minimum wage rises in a competitive labour market, the number of jobs available to workers qualified for such jobs:

• A)is constant.
• B)does not increase.
• C)decreases.
• D)increases.

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials and labor.

Net Sales

Total sales for the time period minus sales returned and adjustments made during the same time.

Percentage of Net Change

The ratio or fraction, expressed as a percentage, that represents the difference between the old value and the new value divided by the old value, often used to measure growth or decline.

Comparative Income Statement

A financial statement that compares income, expenses, and net income over different periods to observe trends or changes.