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The minimum wage in 2008 was $6.55 cents until July 2008 when it was raised to $7.25. If the minimum wage in June was below the equilibrium wage and the increased wage in July was above the equilibrium wage, then
Descriptive Theory
A theory that explains how something works or describes the characteristics and behaviors of phenomena without making predictions.
Trait Approach
A leadership theory that suggests certain characteristics or personality traits are inherent in effective leaders and that these traits can be identified and developed.
Natural Leaders
Individuals who naturally possess leadership qualities and abilities, often emerging as leaders without formal authority.
Self-Managed Groups
Teams that operate autonomously, organizing their own tasks and making decisions collectively without traditional management structures.
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