When a Minimum-Wage Law Forces the Wage to Remain Above

question 290

True/False

When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the quantity of labor supplied is higher and the quantity demanded of labor is lower than at the equilibrium wage.

---

Definitions:

Worksheet

A worksheet in accounting is a document used for planning adjustments and reconciling accounts, aiding in the preparation of financial statements.

Income Statement

An Income Statement is a financial statement that shows a company's revenues and expenses over a specific period of time, culminating in net profit or loss.

Balance Sheet

An outline that captures a company's assets, debts, and the equity of its shareholders at a distinct point, illustrating the company's financial standing.

Worksheet

An informal document used by accountants to prepare adjusting entries and to reconcile accounts in the preparation of financial statements.