States Are Allowed to Enact Minimum Wage Laws That Set

question 49

True/False

States are allowed to enact minimum wage laws that set minimum wages higher than the federal level.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good that consumers are willing to buy at various prices.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that producers are willing to sell, holding all else constant.

Levied

Imposed, typically referring to taxes or duties.

Equilibrium Quantity

The level of goods or services offered that equals the quantity consumers are willing to buy at the equilibrium price in the market.