Which of the Following Statements Is True About the Fair

question 4

Multiple Choice

Which of the following statements is true about the Fair Labor Standards Act (FLSA) ?

• A) The FLSA requires that domestic workers who reside in the employer's home either permanently or for an extended period of time be eligible for overtime pay.
• B) The FLSA requires overtime pay in an amount no more than 1-1/2 (one and one-half) times the employee's regular rate of pay.
• C) The FLSA sets the number of hours that constitute a "normal work week" for wage purposes.
• D) The FLSA prohibits an employer from requiring an employee to work more than 40 hours a week.

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Definitions:

Resold

The action of selling an item or asset that has previously been sold or owned by someone else.

Monopolist's Profits

The earnings a monopolist achieves, which are typically higher than in competitive markets due to the ability to set prices above marginal costs.

Demand Curve

A graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers at those prices, typically downward sloping.

Monopolist

A monopolist is a producer or provider who has exclusive control over the supply of a particular good or service, enabling them to significantly influence or set prices.