Is Minimum Wage A Price Floor

The minimum wage is a legally mandated price floor on hourly wages below which non exempt workers may not be offered or accept a job. In the case of minimum wage employees are the suppliers of labor the good while businesses become the consumers. A price floor is the legal limit on how low a price may be set for a good.
is minimum wage a price floor or ceiling is minimum wage a price floor

Most countries had introduced minimum wage legislation by the end of the 20th century.

Is minimum wage a price floor. Minimum wage is an example of a government intervention in order to redistribute wealth through the use of a price floor. A price floor is a legal minimum in which the government does not allow the price of a good or service to fall below the floor buyers caught paying less than the floor price face fines or other forms of punishment. The public justification for price floors is that certain sellers deserve a higher price for their goods or. However if the labor market is in a state of monopsony.

For more on the minimum wage see 3 reasons the 15 minimum wage is a bad way to help the poor creating surpluses the standard downward sloping demand curve d and upward sloping supply curve s are shown in the nearby figure. Supply and demand models suggest that there may be welfare and employment losses from minimum wages. A minimum wage is the lowest remuneration that employers can legally pay their workersthe price floor below which workers may not sell their labor.

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