The people who immediately benefit from a minimum wage are
A) employers who now pay the minimum wage.
B) those people who enter the labor force to search for minimum wage jobs.
C) the workers who retain their jobs after enactment of the minimum wage.
D) everyone, both demanders and suppliers, because the minimum wage benefits everyone.
E) all workers.
C
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The Principle of Increasing Opportunity Costs states that:
A. opportunity costs increase when too little is produced. B. when increasing production, resources with the lowest opportunity costs should be used first. C. when increasing production, resources with the lowest opportunity costs should be used last. D. productive people do the hardest tasks first.
Maximum Feasible Hourly Production Rates of EitherProduct A or Product B Using All Available ResourcesProductCountry XCountry YA48B44 Refer to the above table. Assuming constant opportunity costs
A. both countries will be willing to engage in trade at a rate of exchange of 3 units of product A for 1 unit of product B. B. both countries will be willing to engage in trade at a rate of exchange of 1.5 unit of product A for 1 unit of product B. C. both countries will be willing to engage in trade at a rate of exchange of 0.3 unit of product A for 1 unit of product B. D. neither country will be willing to engage in trade at any rate of exchange of product A for product B.