Is Minimum Wage Price Floor Or Ceiling

Unfortunately it like any price floor creates a surplus.

Is minimum wage price floor or ceiling.

A price floor in economics is a minimum price imposed by a government or agency for a particular product or service. Since labour is an important factor of production and price reflects the cost of production. It is legal minimum price set by the government on particular goods and services in order to prevent producers from being paid very less price. In your opinion should the federal government set a minimum wage.

It is the lowest price that can be paid for an hour of work. Minimum wage price ceiling price floor. Is minimum wage a price floor or price ceiling. But this is a control or limit on how low a price can be charged for any commodity.

Like price ceiling price floor is also a measure of price control imposed by the government. A good example of how price floors can harm the very people who are supposed to be helped by undermining economic cooperation is the minimum wage. A minimum wage could be considered a price floor because it sets a wage floor on the price of labour. Is minimum wage a price floor or price ceiling.

Provide at least one argument for minimum wage and one argument against minimum wage that you learned by watching the video or reading the article. Price floor causing excess supply in the market the more an employer has to pay to hire the less he is going to hire. Provide at least one argument for minimum wage and one argument against minimum wage that you learned by watching the video or reading the article. A minimum wage is a price floor.

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