Ceteris Paribus,all of the Following Result When the Minimum Wage

question 82

Multiple Choice

Ceteris paribus,all of the following result when the minimum wage is raised and is above the equilibrium in a competitive market,except

• A)Some workers lose their jobs.
• B)There are fewer workers available to work.
• C)Workers with a marginal revenue product below the minimum wage are worse off.
• D)There are fewer jobs available.

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Definitions:

Turnover

The rate at which a company's goods are sold and replaced, or an employee's leaving and being replaced.

Return on Investment

A measure of the profitability of an investment, calculated by dividing the net profit by the initial cost of the investment.

Total Sales

The sum of all sales (revenue) generated by a business within a specific period, reflecting the volume or value of all units sold.

Operating Data

Information related to the day-to-day functions of a business, which includes sales, production volumes, and inventory levels, used to support operational decision-making.