In the Labor Market,if the Government Imposes a Minimum Wage

question 87

Multiple Choice

In the labor market,if the government imposes a minimum wage that is below the equilibrium wage,then

• A) workers who wish to work at the minimum wage will have a difficult time finding jobs.
• B) firms will hire fewer workers than without the minimum wage law.
• C) some workers may lose their jobs as a result.
• D) nothing will happen to the wage rate or employment.

Understand the significance of social and psychological factors in the workspace as revealed by the Hawthorne Studies.

Comprehend the role of Herzberg's two-factor theory in employee motivation, including factors leading to satisfaction and dissatisfaction.

Grasp Maslow's hierarchy of needs and how it applies to employee motivation.

Differentiate between motivators and hygienes within Herzberg's two-factor theory.

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Definitions:

Arbitrated

Having disputes settled through arbitration, which is a form of alternative dispute resolution involving an impartial third party to make binding decisions.

Consent

Agreement or approval given freely and willingly by a competent individual, often necessary in legal, medical, or personal contexts.

Appellate Court

A superior court that examines the rulings of inferior courts for the proper application of the law.

Scanty

Lacking in amount, quantity, or sufficiency; minimal or insufficient in size, quantity, or degree.