In the Labor Market,if the Government Imposes a Minimum Wage

question 87

Multiple Choice

In the labor market,if the government imposes a minimum wage that is below the equilibrium wage,then

• A) workers who wish to work at the minimum wage will have a difficult time finding jobs.
• B) firms will hire fewer workers than without the minimum wage law.
• C) some workers may lose their jobs as a result.
• D) nothing will happen to the wage rate or employment.

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Definitions:

Japanese Law

The legal system in Japan, which includes a combination of civil law, local customs, and a limited influence of common law.

Express Conditions

Specific requirements explicitly stated in a contract that must be met for contractual obligations to be fulfilled.

Conditioned On

Depending on a specific requirement or prerequisite being met.

Duty of Substantial Performance

An obligation requiring a party to perform their contractual duties to such a degree that the essential purpose of the contract is met, even if some minor details are incomplete.