Three Possible Reasons for an Above-Equilibrium Wage Are Minimum-Wage Laws

question 122

True/False

Three possible reasons for an above-equilibrium wage are minimum-wage laws, unions, and efficiency wages.

Understand the scales of measurement used in statistics.

Distinguish between descriptive and inferential statistics.

Realize the importance of data accuracy and the impact of errors.

Understand the distinctions among the various perspectives in psychology (e.g., psychodynamic, evolutionary, behavioral, cognitive, and social-cultural).

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Definitions:

Negligence Per Se

The legal doctrine where an act is considered negligent because it violates a statute or regulation.

Assumption of Risk

A legal principle that a person may not recover for injuries received from a dangerous activity if they voluntarily exposed themselves to the danger with full knowledge of the risks involved.

Contributory Negligence

A legal doctrine where if the plaintiff in a negligence case is also found to be at fault to any degree, they cannot recover damages from the defendant.

Comparative Negligence

A legal doctrine that reduces the amount of damages a plaintiff can recover in a negligence-based claim, based upon the degree to which the plaintiff's own negligence contributed to the harm.