Which of the Following Is the Most Likely Result of an Increase

question 39

Multiple Choice

Which of the following is the most likely result of an increase in the minimum wage?

• A) An increase in the employment of unskilled workers.
• B) A decrease in the number of workers seeking minimum wage jobs.
• C) An increase in the demand for unskilled workers.
• D) A decrease in the employment of unskilled workers.

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Definitions:

Monthly Interest Rate

The interest rate applied to a loan or debt for a one-month period, often used to calculate the monthly interest payments.

Variable Cost

A type of cost that varies with production volume, increasing as production increases and decreasing as production decreases.

Carrying Cost

Expenses incurred by holding inventory or assets over a period, including storage, insurance, and opportunity costs.

Present Value

The present value of an amount of money or series of payments to be received in the future, calculated using a particular interest rate.