If the Minimum Wage Law Sets a Price Floor That

question 112

True/False

If the minimum wage law sets a price floor that is below the equilibrium wage in the unskilled labor market,the minimum wage will create a shortage of unskilled labor.

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Definitions:

Unconditional Positive Regard

Full, warm acceptance of a person regardless of what he or she says, thinks, or feels; a critical component of client-centered therapy.

Self-standards

Internal benchmarks or criteria that individuals set for themselves in order to gauge their performance or behavior.

GABA

Gamma-aminobutyric acid, a neurotransmitter in the brain that inhibits nerve transmission, playing a key role in reducing neuronal excitability throughout the nervous system.

Biological Perspective

A view in psychology that emphasizes the study of physiological bases of behavior and the importance of genes and the environment in shaping behavior.