If the Labor Market Worked Efficiently,then an Effective Minimum Wage

question 92

Multiple Choice

If the labor market worked efficiently,then an effective minimum wage law would:

• A) cause unemployment.
• B) hold wages higher than the equilibrium price.
• C) help those who were employed at that price.
• D) All of these statements are true.

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Definitions:

Liability

The state of being legally responsible for something, particularly in terms of debts or legal obligations.

Partnership

An authorized business arrangement where two or more partners share both the administration and the profits.

Dissolution

The closure or termination of an entity's existence, such as a corporation or partnership.

UPA

Uniform Partnership Act, which is legislation adopted by various states in the USA to govern partnership formation and operation.