Asked by Sandy Babbie on Jul 18, 2024
Verified
A maximum wage law,as opposed to a minimum wage law,would be considered a
A) price ceiling.
B) price floor.
C) tax on businesses.
D) sales tax.
Maximum Wage Law
Legislation that sets an upper limit on the amount of money that can be earned by employees in a specific period.
Price Ceiling
A legally established maximum price that can be charged for a good or service.
Minimum Wage Law
Legislation that sets the lowest hourly rate that can be paid to workers, aimed at ensuring a minimum standard of living for employees.
- Familiarize oneself with the concepts of price ceilings and price floors in the realm of market economics.
- Investigate the factors and effects of state interventions like rental price limitation, minimum wage legislation, and anti-usury measures.
Verified Answer
CJ
Charlotte JeromeJul 24, 2024
Final Answer :
A
Explanation :
A maximum wage law sets an upper limit on how much individuals can earn, similar to how a price ceiling sets a maximum price that can be charged for a good or service, preventing prices from rising above a certain level.
Learning Objectives
- Familiarize oneself with the concepts of price ceilings and price floors in the realm of market economics.
- Investigate the factors and effects of state interventions like rental price limitation, minimum wage legislation, and anti-usury measures.