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What is a example of a government price control?
minimum wage
Which selection is an example of a government price control?
minimum wage
Give an example of a price ceiling and an example of a price floor?
Price cealing: rent control Price floor: minimun wage
How was inflation combated during World War 2?
price and wage control, rationing
Is minimum wage a price floor or ceiling?
Price floor- Minimum wage, if above the market equilibrium then unemployment Price ceiling- rent control, so more people are able to live comfortably. but this can be negative when the too high of price is confused with the too low of supply.
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.
Is an example of a government price control.?
What principle refers to the fact that a person is prevented from consuming private goods unless he or she pays for them
The minimum wage is an example of?
The minimum wage is an excellent example of a price floor
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
