Economists Generally Agree That Increases in the Minimum Wage Increase

question 391

True/False

Economists generally agree that increases in the minimum wage increase employment.

---

Definitions:

High-Low Method

An accounting method used to estimate the fixed and variable components of a cost based on the highest and lowest levels of activity.

Variable Maintenance Cost

Costs that change in proportion to the operational activity of a company, such as repairs and maintenance expenses that vary with usage.

Mixed Cost

A cost containing both variable and fixed cost elements, changing in total with activity level but not proportionately.

Direct Labor Hours

The total time workers spend producing a product or providing a service, directly tied to the production process.