Use the Following to Answer Questions

question 247

Multiple Choice

Use the following to answer questions:
Figure: The Demand for Bricklayers
-(Figure: The Demand for Bricklayers) Look at the figure The Demand for Bricklayers. The equilibrium market wage for bricklayers is $100 a day, but a minimum wage of $130 a day for bricklayers is set by the government. As a result:

• A) six workers will now be hired by the firm.
• B) three workers who otherwise would have been employed are now unemployed.
• C) all bricklayers are better off.
• D) construction firms will shut down.

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Definitions:

Settle

To resolve a dispute, agreement, or financial transaction in a final and conclusive manner, often through negotiation or payment.

Trial

A legal process where a case is examined in a court to determine whether the accused is guilty or innocent.

Arbitrator's Decision

Represents the final and binding resolution made by an arbitrator in a dispute, which the parties have agreed to accept.

Binding

Having legal force; a binding agreement is one that is legally enforceable by the courts.