If Minimum Wage Legislation Does Not Cause Unemployment,then

question 100

Multiple Choice

If minimum wage legislation does not cause unemployment,then:

• A)those who work for minimum wage will benefit.
• B)firms will lose by earning lower profits.
• C)minimum wages may be nonbinding.
• D)All of these are true.

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Definitions:

Price Discriminate

A strategy where a seller charges different prices for the same product or service to different customers, based on factors like willingness to pay, location, or purchase volume.

Economic Profit

The financial measurement between a company's aggregate earnings and its total costs, covering both explicit and hidden charges.

Output Level

The quantity of goods or services produced by a firm or economy in a certain period.

Nondiscriminating

A principle or practice that ensures equal treatment and opportunities for all, without biases or prejudices based on irrelevant characteristics.