If the Government Implements a New, More Stringent Minimum Wage

question 131

Multiple Choice

If the government implements a new, more stringent minimum wage law, we would expect the _______ aggregate supply curve to shift to the _______.

• A) long-run; left
• B) long-run; right
• C) short-run; left
• D) short-run right

---

Definitions:

Contextual Variables

External or environmental factors that influence the behavior of individuals or the performance of organizations.

Decision Making

The procedure of decision-making entails identifying a decision that needs to be made, seeking out pertinent information, and considering different potential resolutions.

Organizational Structure

The arrangement of roles, responsibilities, and relationships within an organization, defining hierarchy and workflow.

Decision Making

The cognitive process resulting in the selection of a course of action among several alternative scenarios and outcomes.