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government specifying the lowest wage a firm can legally pay(passive) is set byThe minimum wage , a price floor
Emsisetsminimum wage floors
above the market clearing wage(passive) is setA minimum wage ( price floor
Whilst Prolificsetsfloor prices for minimum wage
either(passive) could ... be setThe minimum wage , a price floor
Ethiopia pursues national systemto setminimum wage floor
a surplus of workers as the price to hire goes upcreatesa surplus of workers as the price to hire goes up
businesses from paying their employees less than this price floorpreventsbusinesses from paying their employees less than this price floor
businesses from paying workers what the government considers to be excessively low amountspreventsbusinesses from paying workers what the government considers to be excessively low amounts
unemployment ... but we can say that minimum wage causes those employed ( or will be employed ) to be unemployed ( with a strict meaning of employed = > a single goodcausesunemployment ... but we can say that minimum wage causes those employed ( or will be employed ) to be unemployed ( with a strict meaning of employed = > a single good
when prices are kept artificially highleadwhen prices are kept artificially high
to help less skilled workers earn enough money to escape poverty Access PEI Locations and Briefing Sessionssetto help less skilled workers earn enough money to escape poverty Access PEI Locations and Briefing Sessions
numerous side effects such as increased unemploymentcan createnumerous side effects such as increased unemployment
These shortfalls(passive) created byThese shortfalls
surpluses and also lost gains from tradecreatesurpluses and also lost gains from trade
the minimum hourly rate for employees2setsthe minimum hourly rate for employees2
for the price of laborsetfor the price of labor
for the price of laboursetfor the price of labour
an inefficiency in the market if it is set above the free - market equilibriumcan causean inefficiency in the market if it is set above the free - market equilibrium
the price above the equilibrium levelsetsthe price above the equilibrium level
in a surplus of labor and hence unemploymentwill resultin a surplus of labor and hence unemployment
at Wmin QS W to Wmin & QD excess supply ofis setat Wmin QS W to Wmin & QD excess supply of
in an excess supply of workers and employersresultsin an excess supply of workers and employers
a price fwoor and market distortions such as subsidies or wewfare payments awso compwicate de anawysissetsa price fwoor and market distortions such as subsidies or wewfare payments awso compwicate de anawysis