Suppose the Current Equilibrium Wage Rate for Lifeguards in Houston

question 209

Multiple Choice

Suppose the current equilibrium wage rate for lifeguards in Houston is $7.85 an hour.A minimum wage law that creates a price floor of $8.50 an hour leads to

• A) a surplus of lifeguards in Houston.
• B) a shortage of lifeguards in Houston.
• C) no changes in the lifeguard market.
• D) a change in the quantity of lifeguards supplied but no change in the quantity of lifeguards demanded.
• E) an increase in the number of lifeguards employed.

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Registration Statement

A set of documents, including a prospectus, that a company must file with the U.S. Securities and Exchange Commission before offering securities to the public.

Securities Exchange Commission

The Securities and Exchange Commission (SEC) is a U.S. federal agency responsible for regulating the securities industry, enforcing federal securities laws, and ensuring public companies disclose their financial information.

Criminal Prosecution

The process whereby the state brings charges against an individual or entity for violating criminal law.

Reasonable Doubt

The standard of proof required in criminal cases for a jury or judge to legally find the defendant guilty; doubt based on reason and common sense.