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Minimum wage.
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When the government sets a price floor on earnings it is called what?
Minimum wage.
When The government sets a price floor on earnings what is this called?
When the government sets a price floor on earnings, it is known as a minimum wage. This legal minimum salary that employers must pay their workers is intended to ensure a basic standard of living for employees. By establishing a minimum wage, the government aims to reduce poverty and improve the economic well-being of low-income workers. However, if set too high, it can lead to unintended consequences such as increased unemployment.
Which purpose of government is served when the government sets the price of milk?
Economic stability is served when the government sets prices.
The government sets a price floor in order to protect what?
A vulnerable industry
What is the definition of an effective price floor?
Government sets the minimum selling price and prices of goods are not supposed to fall below this price. This Causes Surplus and purchasers Overpay.
When the government sets a price floor in order to protect?
When the government sets a price floor, it establishes a minimum price that can be charged for a good or service, often to protect producers' incomes. This is commonly seen in agricultural markets, where price floors help ensure farmers can cover their costs. However, if the price floor is set above the market equilibrium, it can lead to surpluses, as the higher price may reduce demand while encouraging increased supply. Consequently, while intended to support producers, price floors can distort market dynamics and lead to inefficiencies.
What called for laws for the good of the colony and set forth the idea of self government?
The American English is the law for the colony. This is what sets the idea of self government.
Who controls south Africa's rail network?
The government controls the petrol price, in that it sets a standard price that all petrol providers must charge. The price is still affected by international oil prices, rising and falling as these prices rise and fall.
What is considered the industry pricing stand for vehicles?
Each manufacture sets their own price. It is called the Manufacture Suggested Retail Price (MSRP). Competition among manufactures helps to keep the price as low as possible, but they can price the vehicle at any price they choose.
Under this program congress establishes a price for a particular crop?
Under this program, Congress sets a price floor for a specific crop, ensuring that farmers receive a minimum price for their produce. If the market price falls below the established price, the government may step in to purchase the surplus at the fixed price, thereby providing stability to the agricultural sector. However, this approach can lead to overproduction and surpluses, which can be costly for the government and distort market forces.
Binding price floor in a market sets price?
below equilibrium price and causes a shortage
Who sets the price of goods in Australia?
the governor-general sets prices?
