Examlex
A profit-maximising competitive firm that experiences diminishing marginal product of labour must also be experiencing:
FLSA
The Fair Labor Standards Act, a U.S. labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week.
Minimum Wage
The lowest legal hourly pay that employers can give to workers, set by government law.
Comparable-Worth Policy
A principle advocating for equal pay for work of equal value across different job categories, particularly for gender pay equity.
Free-Market Economy
An economic system where prices for goods and services are determined by the open market and consumers, with minimal government intervention.
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