All of the Following,except One,describes a Minimum Wage

question 16

Multiple Choice

All of the following,except one,describes a minimum wage.Which is the exception?

• A)A government regulation stipulating the minimum price must be paid to the factor labour.
• B)A government regulation stipulating the lowest rate of pay per hour for workers.
• C)A type of price floor.
• D)A type of price ceiling.

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Definitions:

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total benefits that buyers and sellers receive from participating in the market.

Tax

A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.

Good

A tangible product or item that satisfies some human want or need.

Equilibrium Quantity

The quantity of goods or services supplied is exactly equal to the quantity demanded at the market price.