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ya-yaa ya-yaa
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2 years ago
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

Microeconomics


Edition: 17th
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shadowblacwshadowblacw
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2 years ago
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ya-yaa Author
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2 years ago
Thank you, thank you, thank you!
nicolepope23
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Yesterday
Smart ... Thanks!
Loruiz15
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2 hours ago
Thanks
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