Examlex
Which of the following is not correct?
Substitution Effect
The economic understanding that as prices rise or incomes decrease consumers will replace more expensive items with less costly alternatives.
Hourly Wages
The amount of earnings paid to an employee for each hour worked.
Fringe Benefits
Additional benefits, beyond a salary, offered to employees, such as health insurance, retirement plans, and paid time off.
Minimum Wage
The lowest remuneration that employers can legally pay their workers—the rate may be set by national government or by a state or local government.
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