The Cost of the Minimum Wage Is Most Likely Borne

question 32

Multiple Choice

The cost of the minimum wage is most likely borne by:

• A)consumers who buy goods produced in the covered industry.
• B)producers who produce goods in the covered industry.
• C)producers in both the covered and uncovered industries.
• D)consumers who have a perfectly elastic demand for goods produced by the covered industry.

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Definitions:

Dodd-Frank Wall Street Reform And Consumer Protection Act

A comprehensive piece of financial reform legislation passed in 2010 aimed at reducing risks in the American financial system, with a focus on consumer protection.

Inherent Authority

The power or authority possessed by an official body or official inherently through their position or role, not through external sources or assignments.

Proxy

A person who is authorized to vote the shares of another person. Also, the written authorization empowering a person to vote the shares of another person.

Ultra Vires

A Latin term meaning “beyond the powers”; in legal context, actions taken by a corporation or company officials that are beyond their legally granted corporate powers.