If an Increase in the Government-Imposed Minimum Wage Pushes the Price

question 151

Multiple Choice

If an increase in the government-imposed minimum wage pushes the price (wage) of unskilled labor above market equilibrium, which of the following will most likely occur in the unskilled labor market?

• A) an increase in quantity of unskilled labor demanded
• B) a decrease in the quantity of unskilled labor supplied
• C) a shortage of unskilled labor
• D) a surplus of unskilled labor (unemployment)

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Definitions:

Integrator

An individual or tool that combines or coordinates separate elements or structures into a unified whole.

Standardization of Work Processes

The practice of implementing uniform procedures and criteria in organizational tasks to improve efficiency and quality.

Labour Coordination

The process of organizing and managing a workforce in order to achieve efficient production and meet organizational objectives.

Formal Means

Established, official procedures or methods.