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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.
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The minimum wage is an example of?
The minimum wage is an excellent example of a price floor
If the minimum wage is set above the market wage the?
Unemployment will rise.
Minimum wage is an example of?
a price floor.
How does market follows minimum wage?
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.
What is a example of a government price control?
minimum wage
Is price ceiling an example of the minimum wage?
No, a price ceiling is not an example of minimum wage. A price ceiling is a government-imposed limit on how high a price can be charged for a product, often intended to keep essential goods affordable. In contrast, minimum wage is a legal requirement that sets the lowest amount an employer can pay an employee for their labor. While both are forms of government intervention in the market, they apply to different contexts: price ceilings apply to goods and services, while minimum wage applies to labor.
How does minimum wage impact the labor market?
it might result in a surplus of supply
Which selection is an example of a government price control?
minimum wage
Which country has minimum wage of law?
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.
How much does cost plus world market pay sales associates?
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.
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
