Suppose the Minimum Wage Decreases

question 61

Multiple Choice

Suppose the minimum wage decreases.Given this event,we would expect which of the following to occur?

• A)a reduction in the price level and an increase in output in the medium run
• B)an increase in the aggregate price level as output increases
• C)an increase in the interest rate in the medium run
• D)none of the above

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Definitions:

Creative Workers

Individuals who contribute their original ideas, artistic skills, and innovative thinking to their work, often in fields like design, media, or technology.

Minimum Structure

An organizational setup that uses the least amount of formal structure needed to effectively operate, often emphasizing flexibility and decentralized decision-making.

Creative Ideas

Original and innovative thoughts or concepts that can potentially lead to new solutions, products, or art.

Review Process

A systematic examination or assessment of something with the possibility or intention of instituting change if necessary.