The Effect of Legislation Establishing a Minimum Wage Above the Market

question 2

Multiple Choice

The effect of legislation establishing a minimum wage above the market clearing wage is

• A) unemployment.
• B) a shortage of labor.
• C) higher wages for all workers.
• D) a shift of the demand for labor curve.

---

Definitions:

Reward Systems

Schemes or programs designed to incentivize and recognize employees' efforts and achievements in the workplace.

Employee Counselling Practices

Approaches and techniques used by organizations to offer support and advice to employees dealing with personal or professional issues.

Performance Management

The process of creating a work environment or setting where people are enabled to perform to the best of their abilities.

Competitive Advantage

A condition or circumstance that puts a company in a favorable or superior position compared to competitors.