What Impact Would an Increase in the Minimum Wage Have

question 167

Multiple Choice

What impact would an increase in the minimum wage have on the quantity demanded and quantity supplied of labour?

• A) It would increase both the quantity demanded and the quantity supplied of labour.
• B) It would decrease both the quantity demanded and the quantity supplied of labour.
• C) It would increase the quantity of labour demanded while decreasing the quantity supplied.
• D) It would decrease the quantity of labour demanded while increasing the quantity supplied.

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Definitions:

Customs

Established and traditional practices of a particular society, culture, or organization.

Cold Canvassing

The process of approaching potential customers or clients directly, without prior contact, to offer products, services, or information.

Telephone Consumer Protection Act

A United States federal law enacted in 1991 designed to restrict telemarketing calls, the use of automated telephone equipment, and the sending of unsolicited faxes and texts.

Cold Calling

A technique in sales where sales reps make unsolicited calls to potential customers, who have had no prior contact with the salesperson.