Homework Clinic
Social Science Clinic => Economics => Topic started by: fagboi on Jun 29, 2018
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Unions support minimum wage laws, because
A) union workers are typically paid the minimum wage.
B) an increase in the minimum wage paid to low-skilled labor increases the opportunity cost of employing high-skilled union labor and, hence, increases the demand for union labor.
C) an increase in the minimum wage paid to low-skilled labor increases the opportunity cost of employing low-skilled labor and, hence, increases the demand for union labor.
D) an increase in the minimum wage paid to low-skilled labor causes the supply curve of low-skilled labor to shift leftward and, hence, increases the demand for union labor.
Question 2
When Patty uses money to buy her lunch, she is showing the use of money as a store of value.
Indicate whether the statement is true or false
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Answer to Question 1
C
Answer to Question 2
FALSE