A minimum wage law is a:

A. quantity restriction.
B. customary norm without legal structure or protection.
C. price ceiling.
D. price floor.


Answer: D

Economics

You might also like to view...

The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the aggregate surplus at the competitive market equilibrium?

A. $4.5 million B. $9 million C. $13.5 million D. $27 million

Economics

Short-run macroeconomic equilibrium occurs when

A) aggregate demand and short-run aggregate supply intersect. B) the equilibrium lies on the long-run aggregate supply curve. C) structural and frictional unemployment equal zero. D) A and B

Economics

A firm sells 20 units of a good at a price of $5 per unit. If the average cost of production of the good equals $3 per unit, the firm's revenue is:

A) $40. B) $60. C) $100. D) $120.

Economics

When Jack's income increases by $5,000, he spends an additional $4,000 dollars. This implies that his marginal propensity to consume is 1.25

Indicate whether the statement is true or false

Economics