One Effect of a Minimum Wage in the Market for Low-Skilled

question 3

Multiple Choice

One effect of a minimum wage in the market for low-skilled labor is

• A) a shortage of low-skilled labor.
• B) a surplus of low-skilled labor.
• C) no effect in the market for low-skilled labor.
• D) an increase in demand for low-skilled labor.

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Definitions:

Cleaning Hours

The measure of time spent on cleaning tasks, either in a personal, domestic setting or by professional cleaning services in various environments.

Private Markets

Economic markets that operate without direct government control, where transactions occur between private entities.

Rush Hour

Peak traffic periods in the early morning and late afternoon when commuters travel to and from work, often characterized by congestion.

People's Incentives

Motivations that influence human behavior and decision-making, often in economic contexts, such as prices, incomes, and benefits.