If the Minimum Wage Is Above the Equilibrium Wage Rate,then

question 31

Multiple Choice

If the minimum wage is above the equilibrium wage rate,then an increase in the minimum wage ________ employment and ________ unemployment.

• A) increases; increases
• B) increases; decreases
• C) decreases; increases
• D) decreases; decreases
• E) does not change; increases

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Definitions:

Benchmarking

The practice of comparing business processes and performance metrics to industry bests or best practices from other companies to improve performance.

Best Practices

Established methods or techniques that have been proven to lead to superior results and are used as benchmarks.

Governmental Politics Model

A framework analyzing policy decisions as the outcome of bargaining and power struggles among various stakeholders within the government.

Unitary Decision-Maker

signifies an individual or entity that makes decisions singularly without the need for consensus or input from others.