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Title: A binding minimum wage established by the government Post by: ya-yaa on Sep 26, 2022 A binding minimum wage established by the government
▸ will affect adversely only those workers whose value of productivity is greater than this minimum wage. ▸ will have no effect on the quantity of labour employed. ▸ is essentially a price ceiling that creates a shortage of workers. ▸ is a price floor that will create a surplus of workers if the labour market is competitive. ▸ will be effective only if the minimum wage is set below the free-market equilibrium wage. Title: A binding minimum wage established by the government Post by: shadowblacw on Sep 26, 2022 Content hidden
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