Why Are Workers with High Skills and Much Experience Not

question 89

Multiple Choice

Why are workers with high skills and much experience not affected by the minimum wage

• A)They belong to unions.
• B)They are not legally guaranteed the minimum wage.
• C)They are generally self-employed and pay themselves a salary.
• D)Their equilibrium wages are well above the minimum wage.

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Definitions:

Seriousness

The quality of being grave, important, or significant in context or manner.

Bilateral Contract

A contract involving two parties where each promises to perform an act in exchange for the other's act.

Strict Rules

Regulations or guidelines that are rigorously enforced and must be followed precisely.

Collateral Promise

A secondary promise to answer for the debt or duty of another person in case that person fails to fulfill the obligation.