The Fair Labor Standards Act of 1938 Does All of the Following

question 14

Multiple Choice

The Fair Labor Standards Act of 1938 does all of the following except _____.

• A) limiting maximum work hours
• B) setting child labor standards
• C) setting overtime-pay provisions
• D) establishing minimum wages
• E) prohibiting discrimination

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Definitions:

Economies of Scale

The cost advantage achieved by an enterprise when production becomes efficient, as costs can be spread over a larger amount of goods.

Market Demand

The total quantity of a good or service that all consumers are willing and able to purchase at various prices during a given period.

Nondiscriminating Pure Monopolist

A monopolist who sells their product at the same price to every customer, not charging different prices to different buyers.

Industry Demand Curve

A graph showing the relationship between the price of a good and the total amount of the good all consumers are willing to purchase within a specific industry.