The Minimum-Wage Law Is a Common Example of a Price

question 122

True/False

The minimum-wage law is a common example of a price ceiling.

---

Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the amount of that good consumers are willing to buy.

Tax

A binding monetary impost or other form of levy exacted upon a taxpayer by a governmental unit to finance the operation of the government and various public services expenses.

Sellers Receive

The amount of money that sellers are paid for their goods or services, after accounting for costs and expenses.

Tax Imposed

A compulsory financial charge or some other type of levy placed upon a taxpayer by a governmental organization to fund government spending and various public expenditures.