Minimum-wage laws dictate the
a. average price employers must pay for labor.
b. highest price employers may pay for labor.
c. lowest price employers may pay for labor.
d. the highest and lowest prices employers may pay for labor.
c
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The alteration of exchange rates to move the economy to internal and external balance may lead to all EXCEPT
A) a balance of payments crisis. B) changes in the terms of trade. C) changes in the level of imports or exports. D) changes in interest rates. E) a guaranteed unilateral improvement in economic wealth.
The "marginal rate of substitution" between two goods is measured by:
A) the ratio of the market prices of the two goods. B) the number of units of a good consumed divided by the market price of the other good. C) the number of units of one good a consumer would give up to consume one more unit of another good, while holding total utility constant. D) the consumer's budget constraint divided by the price of each good.