The People Who Immediately Benefit from a Minimum Wage Are

question 245

Multiple Choice

The people who immediately benefit from a minimum wage are

• A) employers who now pay the minimum wage.
• B) those people who enter the labor force to search for minimum wage jobs.
• C) the workers who retain their jobs after enactment of the minimum wage.
• D) everyone, both demanders and suppliers, because the minimum wage benefits everyone.
• E) all workers.

---

Definitions:

Marginal Revenue

The additional income earned by selling one more unit of a product or service.

Peak Efficiency

The highest level of operational performance where resources are utilized in the most effective way possible with minimal waste.

Barriers To Entry

Obstacles that make it difficult for new firms to enter a market, such as high initial investment, licensing requirements, and access to technology.

Patents

Legal documents granting an inventor exclusive rights to their invention, preventing others from making, using, or selling the invention for a certain period of time.