The Minimum Wage,if It Is Binding,raises the Incomes of

question 21

Multiple Choice

The minimum wage,if it is binding,raises the incomes of

• A)no workers.
• B)only those workers who cannot find jobs.
• C)only those workers whose jobs would pay less than the minimum wage if it didn't exist.
• D)all workers.

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Definitions:

Average Product

The output per unit of input, such as the quantity of goods produced per worker.

Law Of Diminishing Returns

The principle that as successive increments of a variable resource are added to a fixed resource, the marginal product of the variable resource will eventually decrease.

Resource Inputs

The basic materials and components required in the production process to create goods or services.

Product Outputs

Product outputs refer to the goods or services produced as a result of manufacturing processes or business activities.