Why Was the Minimum Wage Instituted

question 168

Multiple Choice

Why was the minimum wage instituted

• A)in order to ensure workers a middle-class standard of living
• B)in order to ensure workers employment
• C)in order to ensure workers a minimally adequate standard of living
• D)in order to ensure workers unemployment compensation

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Definitions:

Money Income

The complete sum of money earned by an individual or a household that includes earnings from work, salaries, and additional income sources.

Budget Line

A graphical depiction of all possible combinations of two goods that can be purchased with a given budget and prices.

Price Ratio

The ratio of the prices of two goods or services, often used in the context of trade or barter.

Elasticity of Demand

A measure of how responsive the quantity demanded is to a change in price, indicating how a product's demand will fluctuate with pricing changes.