Asked by Alexis Singleton on Jun 30, 2024
Verified
Minimum-wage laws dictate
A) the exact wage that firms must pay workers.
B) only a maximum wage that firms may pay workers.
C) only a minimum wage that firms may pay workers.
D) both a minimum wage and a maximum wage that firms may pay workers.
Minimum-wage Laws
Legislation established to set the lowest hourly rate that employers can legally pay their workers, aimed at preventing exploitation and poverty.
Firms
Organizations that use various inputs to produce goods or services for sale to consumers, other businesses, or the government.
Workers
Individuals engaged in a particular task or activity for wages or salary.
- Explain the role of government policies in setting minimum wages and price controls in markets.
Verified Answer
Learning Objectives
- Explain the role of government policies in setting minimum wages and price controls in markets.
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