Which Statement Are Economists Who Support Minimum-Wage Legislation Likely to Believe

question 163

Multiple Choice

Which statement are economists who support minimum-wage legislation likely to believe

• A)Demand for unskilled labour is relatively inelastic.
• B)Demand for unskilled labour is relatively elastic.
• C)Supply of unskilled labour is relatively elastic.
• D)Supply of unskilled labour is relatively inelastic.

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Definitions:

Buffalo Meat

The meat derived from buffaloes, considered a source of protein and widely consumed in certain cultures and countries.

Surplus

The situation in which the quantity of a product supplied exceeds the quantity demanded at the current price; often leads to downward pressure on prices.

Shortage

A situation in which the demand for a product or service exceeds the supply available at a specific price.

Bushels

A measure of volume used primarily for agricultural commodities, varying in size depending on the product measured.