In His Essay, Reiff Makes Three Main Arguments

question 8

Multiple Choice

In his essay, Reiff makes three main arguments. Which of the following is NOT one of his arguments?

• A) A living wage is a just wage
• B) A living wage is required by our moral duty to alleviate poverty
• C) There are no counter-veiling negative effects of paying a living wage
• D) The value of labor performed should be determined by reference to the labor's cost of production

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Definitions:

Profit Maximizing

The process by which a company or individual adjusts production and sales to achieve the highest possible profit with the least amount of wastage or expense.

Competitive Firm

A company that operates in a market where it has little to no influence over the price of its product, due to the presence of many other firms offering similar products.

Efficient Scale

Efficient scale is the level of production at which a firm can produce its product at the lowest possible average total cost, optimizing resources and operational efficiency.

Government Policy

Strategies and actions taken by the government to influence or to directly manage the economy or certain sectors of it.