Asked by Antoine Miquel on May 10, 2024
Verified
Many economists are critical of the minimum wage because they believe that it:
A) hurts the efforts of labor unions.
B) reduces the number of available job opportunities.
C) conflicts with policies designed to equalize the distribution of income.
D) causes labor shortages in affected markets.
Minimum Wage
The lowest wage that employers may legally pay for an hour of work.
Labor Shortages
Labor shortages occur when employers have difficulty filling positions due to a lack of available, qualified candidates.
- Analyze the effects of minimum wage laws on employment, wage rates, and the labor market.
- Understand the economic rationale and criticisms of minimum wage policies and their targeted effectiveness.
Verified Answer
MA
Monique AbdallaMay 13, 2024
Final Answer :
B
Explanation :
Economists argue that minimum wage laws can reduce job opportunities because employers may hire fewer workers due to the increased cost of labor.
Learning Objectives
- Analyze the effects of minimum wage laws on employment, wage rates, and the labor market.
- Understand the economic rationale and criticisms of minimum wage policies and their targeted effectiveness.
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