The Minimum Wage

question 173

Multiple Choice

The minimum wage

• A)is an example of a price ceiling.
• B)has its greatest impact on middle-aged and immigrant workers.
• C)does not apply to unpaid internships.
• D)does not affect the quantity of labor demanded;it only affects the quantity of labor supplied.

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Definitions:

Private Enterprise

Business operations that are owned, financed, and managed by private individuals rather than the government.

Hydrocarbons

Organic compounds consisting entirely of hydrogen and carbon, used as fuels, solvents, and as raw materials for various chemicals.

Incentive-based Regulation

A regulatory approach that aims to encourage desired behaviors through financial incentives, rather than through mandates or prohibitions.

Command-and-control Regulation

A regulatory approach where the government sets specific limits or standards for various aspects of business operations to control or reduce negative externalities.