Which of the Following Is a Correct Statement About a Minimum

question 147

Multiple Choice

Which of the following is a correct statement about a minimum wage law?

• A) It reduces costs for employers.
• B) It ensures that anyone who wants a job can get a job with a high enough wage.
• C) It causes prices to rise as producers pay more for labor.
• D) It is a price ceiling law that makes wages higher than the market equilibrium price.
• E) It is a price floor law that forces wages to be lower than the market equilibrium price.

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Definitions:

Self-Efficacy

The belief we have in our ability to succeed in a specific task or situation.

Reciprocal Behavior

Behavior that involves responding to another's action with a similar or related action, often related to the principle of reciprocity in social psychology.

Intermittent Reinforcement

A conditioning schedule in which rewards or punishments (reinforcements) are given out irregularly or unpredictably.

Fixed Ratio Schedule

A schedule of reinforcement where a response is rewarded only after a specified number of responses, commonly used in both learning experiments and real-world applications.