The Fair Labor Standards Act

question 9

Multiple Choice

The Fair Labor Standards Act:

• A) mandates a minimum wage for all workers
• B) requires that all workers be paid overtime
• C) prohibits minors under the age of 18 from working in hazardous occupations
• D) contains a definition of comparable worth
• E) does all of the above

---

Definitions:

Without Collusion

Operating or competing in a market where firms or participants act independently and do not engage in agreements to control prices or market shares.

Begin Advertising

The initial phase in which a business or organization promotes its product or service to the target market through various media channels.

Maximize Profits

The goal of operating in a way that achieves the highest possible profit from business activities.

Tit-For-Tat Strategy

A game theory strategy that involves mirroring your opponent’s previous action, often used to foster cooperation or retaliate in competitive settings.