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A country's minimum wage - is the 'benchmark' for setting the amount of money a business has to make in order to pay its staff. The market must reflect the cost of the minimum wage, in that every commodity for sale must be able to contribute enough income for the business to be viable.
What else can I help you with?
If the minimum wage is set above the market wage the?
Unemployment will rise.
What is the minimum wage in North?
North Dakota follows the Federal Minimum Wage of 7.25 an hour and for tipped employees, ie servers and bartenders, it is $4.86 an hour.
What is the minimum wage in North Dakota?
North Dakota follows the Federal Minimum Wage of 7.25 an hour and for tipped employees, ie servers and bartenders, it is $4.86 an hour.
What was the minimum wage in 2000?
The minimum wage rates for 2010 are as follows in Enland £5.80/ in America $8.25/ in Europe 8.86 euro. hope that helps.
How does minimum wage impact the labor market?
it might result in a surplus of supply
What are the restriction on both workers and producers that keeps the labor market from being a completely free market?
the minimum wage.
What is a restriction on both workers and producers that keeps the labor market from being a completely free market?
the minimum wage
How is price determined under imperfect market?
Remember under this market there's a government intervention.the Government determine the prices of the market by using the minimum(the minimum that the market can charge) and maximum wage(Maximum that the market can charge)
What is the minimum wage in Kansas?
The minimum wage is $7.25, the same as federal minimum wage.
What is an example of a market driven minimum wage?
A market-driven minimum wage is one that adjusts based on supply and demand dynamics within a specific labor market. For example, in a region experiencing a labor shortage in low-wage sectors, employers may voluntarily raise wages to attract workers, effectively creating a higher market-driven minimum wage. This can happen in industries like hospitality or agriculture, where competition for labor leads to increased pay rates, reflecting the market's influence rather than a mandated government rate.
Did they have a minimum wage in the 1800s?
there was no minimum wage then:)
Which of the following is a restriction on both workers and producers that keeps the labor market from being compleatly free market?
The minimum wage
