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The minimum wage is an excellent example of a price floor
Unemployment will rise.
a price floor.
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.
minimum wage
it might result in a surplus of supply
minimum wage
the minimum wage
the minimum wage.
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)
Many countries have laws mandating a minimum wage. However, specific minimum wage rates vary widely across countries. In the United States, for example, the federal minimum wage is set at $7.25 per hour, while in other countries like Australia and Luxembourg, the minimum wage is significantly higher.
The exact hourly pay will very by location, and is influenced by the minimum wage laws in the area. For example, a typical employee in an area with a basic minimum wage of $7.25 per hour can expect to earn somewhere between that minimum and $8.50 hourly.