Use the Following Figure to Answer the Question : Figure

question 9

Multiple Choice

Use the following figure to answer the question : Figure 18-1 :
shows the demand and supply of unskilled labor that determines the equilibrium wage rate in the labor market.The minimum wage rate at $5.15 is higher than the equilibrium wage rate at $4.
-Refer to Figure 18-1.Which of the following distances represents the complete unemployment created by the minimum wage legislation?

• A)OL₃
• B)L₂L₃
• C)L₂ L₁
• D)OL₂

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Definitions:

Progressive Discipline Policy

A policy that applies increasingly severe penalties for repeated offenses in order to correct employee misconduct.

Binding Arbitration

A legal process in which a dispute is resolved by an impartial third party, with the decision being final and enforceable.

Binding Arbitration

A method of dispute resolution where a neutral third party makes a decision that is legally binding on both sides.

Arbitrator's Decision

The final judgment or resolution made by an arbitrator in a dispute resolution process.