The minimum wage, which sets a lower limit on the wages that workers can earn, is often above the equilibrium price. The minimum wage is an example of:
A) a price floor.
B) a price ceiling.
C) a quota.
D) an equilibrium price.
Correct Answer:
Verified
Q188: A price floor or a price ceiling
Q201: An effective minimum wage ultimately means that:
A)
Q203: An effective price floor would result in:
A)
Q204: The government might impose a price floor
Q206: A rent control scheme setting a maximum
Q207: A price ceiling results in:
A) inefficiency resulting
Q208: If government decides to control the amount
Q208: An effective price floor will lead to:
A)quantity
Q209: A price ceiling on a good often
Q210: Government intervention in the form of binding
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