Examlex
Which of the following statements is true?
Minimum Wage
A legal floor on the wage rate. The wage rate is the market price of labor.
Unemployment
Refers to the situation where individuals who are able and willing to work are not employed.
Skilled Workers
Individuals who have special training, education, knowledge, and abilities in their field of work.
Government Price Floor
A minimum price set by the government for certain goods, ensuring producers receive a minimum return regardless of market forces.
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