Which of the following is true of minimum-wage laws?
a. They affect skilled workers' wages.
b. They create above-equilibrium wages for some unskilled workers.
c. They create a shortage of unskilled labor.
d. They negatively affect the employment of skilled workers.
b
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The best contract a principal can make with an agent gives the agent all profit after paying the principal a fixed fee
Indicate whether the statement is true or false
What effect would taxation have on real consumption spending when government spending is autonomous?
A) Taxation reduces real consumption spending. B) Taxation increases real consumption spending. C) Taxation causes both real consumption spending and planned real saving to increase. D) None of the above is correct.
Dana spends $10,000 on remodeling a storefront that she then opens as a shoe store. The business has not been very successful, and she needs an additional $3,000 to keep the shoe store open. Which of the following is true?
A. The $3,000 represents her marginal costs of production. B. The $3,000 Dana needs to keep the deli open represents her total fixed costs. C. The $10,000 Dana spent on remodeling represents a part of the total variable cost of her business. D. The $10,000 Dana spent on remodeling is a fixed cost of her business.
An industry in which there are five firms each accounting for 20 percent of the market has an HHI of 2,000.
Answer the following statement true (T) or false (F)