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mariasmakatof mariasmakatof
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A year ago
A legislated minimum wage is said to be binding when

▸ an industry is poorly organized and composed largely of unskilled labour.

▸ it is below an industry's free-market equilibrium wage.

▸ the wage rate is set above the free-market equilibrium level.

▸ it is enforced by legal authorities.

▸ it decreases the turnover rate among employees.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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chanelstar27chanelstar27
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A year ago
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