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What are price and wage that do not change or change little in the short run?
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Can an employer change your wage without telling you first?
The short answer is "No." The long answer is "How much money can you pay your lawyer?
Is minimum wage a price floor?
A minimum wage could be considered a price floor because it sets a wage floor on the price of labour. Since labour is an important factor of production, and price reflects the cost of production, then higher wages correspond to higher prices if there are no productivity gains.
The minimum wage is an example of?
The minimum wage is an excellent example of a price floor
What is the hourly wage for a short order cook in Louisiana?
7.25 which is minnamum wage.
What is a Wage Neg?
wage neg is wage negotiable. it means that you can call someone who is putting something on sale and ask them about the price.
How do you distinguish between money wage and real wage?
Real Wage = Money Wage / Price Index Real wage measures purchasing power, that is what an hour's labor can buy.
Minimum wage is an example of?
a price floor.
Was the Office of Price Administration created to stabilize both wage and price?
yes
When the government sets a price floor on earnings it is called what?
Minimum wage.
In macroeconomics is the minimum wage a price floor?
Yes
What is a example of a government price control?
minimum wage
An example of price floor?
A price floor is government imposed limit on how low a price can be charged for a product or service. An example of a price floor in the US are minimum wage laws. The government has set the minimum wage that a company can pay an employee.
