Critics of the Minimum Wage Argue That

question 185

Multiple Choice

Critics of the minimum wage argue that

• A)labor demand is inelastic so firms can adjust production.
• B)too many older employees benefit at the expense of teenage workers.
• C)many minimum-wage earners are teenagers from middle-class families.
• D)All of the above are correct.

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Definitions:

Uberization

The process of using mobile technology platforms to facilitate peer-to-peer transactions in various service industries, disrupting traditional business models.

Per-job Basis

A payment structure where a worker or service provider is paid for each task completed or job performed, rather than receiving an hourly or salaried wage.

Independent Contractors

Individuals or entities contracted to perform work or provide services to another entity as a non-employee, typically with greater flexibility and less regulation.

Uberization

The transformation of service industries through the introduction of platforms that connect freelance workers with customers, emphasizing convenience and efficiency.