If policy makers believe that the equilibrium wage rate is too low, policy makers can raise wages by legislating a minimum wage, that is, a wage

Name: If policy makers believe that the equilibrium wage rate is too low, policy makers can raise wages by legislating a minimum wage, that is, a wage
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A minimum wage set as a floor above the equilibrium wage ensures that wages cannot fall below this level, effectively raising the wage rate above what the market would naturally set.

If Policy Makers Believe That the Equilibrium Wage Rate Is