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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
Which is the following limits the freedom of both employers and workers in the labor market?
The existence of a minimum wage.
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
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.
Is the effective minimum wage set above below or at the equilibrium level?
The effective minimum wage is typically set above the equilibrium wage level. When the minimum wage exceeds the equilibrium wage, it can lead to a surplus of labor, resulting in unemployment because some employers may not be able to afford to hire as many workers at the higher wage. This situation can create a mismatch between the supply and demand for labor in the market.
What is the relationship between price floor and minimum wage?
A price floor is a government-imposed lower limit on the price of a good or service, while minimum wage is a specific type of price floor set for labor. By establishing a minimum wage, the government ensures that workers receive a baseline level of compensation for their labor. If the minimum wage is set above the equilibrium wage, it can lead to a surplus of labor, meaning higher unemployment, as employers may hire fewer workers at the higher wage. Thus, both concepts aim to protect certain economic interests but can have unintended consequences in the labor market.
How does minimum wage affect supply and demand?
Minimum wage affects supply and demand by influencing the labor market. When a minimum wage is set above the equilibrium wage, it can lead to a surplus of labor, as more individuals are willing to work at the higher wage, but employers may reduce hiring or lay off workers due to increased labor costs. Conversely, a higher minimum wage can increase the purchasing power of workers, potentially boosting demand for goods and services. However, if employers raise prices to cover increased labor costs, it may offset some of the demand benefits.
What was the minimum wage in 1913?
There was no established minimum wage in 1913. The federal minimum wage was established in 1938 under the Fair Labor Standards Act.
Why was minimum wage created?
no slave labor
What is a minimum wage poster?
A minimum wage poster is published by the Department of Labor, either the federal department or individual state labor departments. It is required to be displayed at most workplaces and contains information regarding the minimum wage for employees.
What has the author Masanori Hashimoto written?
Masanori Hashimoto has written: 'The Japanese labor market in a comparative perspective with the United States' -- subject(s): Human capital, Labor market 'Minimum wages and on-the-job training' -- subject(s): Employees, Minimum wage, Training of
