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.