The CBS news correspondent Bill Whitaker discussed the high level of unemployment among teens, especially during the summer months. In 2011, unemployment among the population as a whole was 9.1 percent, but among teens it was close to 24 percent. Many of these teens were hoping to get entry level jobs as small businesses. (Source: CBS news, June 4, 2011) A minimum wage set above the equilibrium wage rate is called

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A minimum wage set above the equilibrium wage rate is called a price floor. A price floor is a government-imposed limit on how low a price can be charged, and in this case, it refers to the minimum wage that employers must pay their workers.

The CBS News Correspondent Bill Whitaker Discussed the High Level