The minimum wage makes it possible for more low-skilled workers to find jobs.
Answer the following statement true (T) or false (F)
False
The minimum wage creates a surplus in the labor market, reducing the number of jobs available to low-skilled workers.
You might also like to view...
Suppose a firm hires labor in a competitive labor market. When will hiring more labor increase the firm's profit?
a. When the marginal revenue product of labor exceeds the wage rate. b. When the marginal product of labor is positive. c. When the marginal labor cost is falling. d. When the wage rate is less than the firm's marginal cost of production.
The above table shows the short-run total product schedule for the campus book store. When the fifth employee is hired, the marginal product is ________ and is ________ the average product
A) increasing; greater than B) increasing; less than C) decreasing; greater than D) decreasing; less than
If the demand for a good falls by less than the supply of the good rises, then the good's equilibrium price will __________ and its equilibrium quantity will __________
A) rise; fall B) rise; rise C) fall; fall D) fall; rise
Suppose the interest rate is 8 percent. Consider three payment options. 1 . $300 today. 2 . $330 one year from today. 3 . $360 two years from today. Which of the following is correct?
a. 1 has the highest present value and 2 has the lowest. b. 2 has the highest present value and 3 has the lowest. c. 3 has the highest present value and 1 has the lowest. d. None of the above is correct.