As a Result of Establishing a Legal Minimum Wage Above

question 301

Multiple Choice

As a result of establishing a legal minimum wage above the market clearing wage

• A) there will be a shortage of workers.
• B) firms will hire fewer workers.
• C) firms will hire more workers.
• D) fewer workers will want to work.

Identify the factors that influence economic decisions and behaviors, including marginal analysis and opportunity costs.

Understand the basic economic problem of scarcity and how it requires choices that entail opportunity costs.

Describe the functions of entrepreneurs in the economy and differentiate between various economic resources.

Distinguish between macroeconomics and microeconomics and their areas of study.

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Definitions:

Intestacy Laws

State statutes that specify how property will be distributed when a person dies intestate (without a valid will).

Surviving Spouse

The spouse who remains alive after the other spouse passes away, often referenced in the context of inheritance laws or benefits.

Decedent's Estate

Assets and liabilities left by an individual who has passed away.

Probate

The process of proving and validating a will, and settling all matters pertaining to an estate.