Is the minimum wage a price ceiling or a price floor? Suppose government decides to set a minimum wage rule
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Minimum wage is a price floor
Explanation:
Minimum wage is a proce floor because any amount of wage paid below it is restricted .
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Is the minimum wage a 'price ceiling' or a 'price floor'? Suppose government decides to set a minimum wage rule. (a) With the help of a diagram show the effect of the minimum wage rule on the labour market given. the wage is set above the market equilibrium wage rate.
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