Author Question: Unions support minimum wage laws, because A) union workers are typically paid the minimum wage. ... (Read 447 times)

fagboi · **on:** Jun 29, 2018

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