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A binding minimum wage established by the government

ya-yaa

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A binding minimum wage established by the government

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.

Textbook

Microeconomics

Edition: 17^th

Author: Ragan

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shadowblacw

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More solutions for this book are available here

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ya-yaa Author

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A year ago

Thank you, thank you, thank you!

erimis

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Correct

annabananerz

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Thanks for your help!!

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