I need the answer as soon as possible 18. The minimum wage is an exampleofA. O Price floorB. O Price ceilingC. O Equilibrium wageD. O Efficiency of labour

To find : minimum is which type of example.

Answered: The minimum wage is an example of

Business

Economics

The minimum wage is an example of

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 3SCQ: Why is a living wage considered a price floor? Does imposing a living wage have the same outcome as...

See similar textbooks

Related questions

Q: How does an increase in the minimum wage affect the economy ?

A: It is important to note how the increasing minimum wage would lead to multiple effects on the…

Q: On page 104 of the third (2019) edition of Naked Economics by Charles Wheelan, Wheelan discusses…

A: When talking about labor economics, minimum wage policy also known as price floor

Q: Using a supply and demand diagram, show a labor market with a binding minimum wage. Use a diagram to…

A: The markets are the place of interaction and meeting for the buyers and sellers. In the markets, the…

Q: ead the following extract from a news article and answer the question that follows. “Minister of…

A: Minimum wage is the wage set by the government for the labour market. If anyone sets the wage below…

Q: Efficiency wage is another name for the minimum wage. Select one: O True O False

A: A wage is a payment made by an employer to an employee in exchange for a security (an projected…

Q: Several members of Parliament have been greatly concerned about the fairness of salaries in the…

A: Minimum wage is the form of price floor which is set by the government in order to protect the…

Q: The imposition of a binding minimum wage makes all workers affected by it better off. Explain…

A: A binding minimum wage is a price floor that is set above the equilibrium wage.

Q: Suppose that there is an excess supply of economics professors. Should universities necessarily…

A: As there is excess supply of economics professor in the economy it would lead to an disequilibrium.…

Q: Do you think that minimum wage laws affect overall poverty?

A: In an economy, often times the government enacts minimum wage laws in order to prevent the wages…

Q: If the federal minimum wage is raised to $20 per hour in Wisconsin, how might that effect the labor…

A: A minimum wage is the lowest hourly wage that a worker may be paid under federal law. It is a…

Q: Ritholtz references a research paper that examined 38 states and regions from 1979 to 2016. This…

A: Research is described as a methodical examination of a specific subject or problem using scientific…

Q: Draw a graph that shows when minimum wage is expected to result in little or no unemployment as long…

A: Firms are not allowed to pay less than the government-mandated minimum wage when the government…

Q: Is the minimum wage helpful to the long-term development of society? Explanation:According to my…

A: Minimum wage is minimum amount of remuneration that the employer should pay to the employees. The…

Q: Several members of Parliament have been greatly concerned about the fairness of salaries in the…

A: In order to promote the fairness of salaries for employees, government imposes minimum wage.

Q: What is the theory of efficiency wages? If you were an employer, would you pay efficiency wages? At…

A: Wage is the sum of money that is paid to the workers by the employer on daily basis.

Q: Is the Minimum Wage Law a Labor Standard Law or a Labor relations Law. Why?

A: Labour standard law refers to providing the basic rights of the and regulations to the labour. And…

Q: The graph illustrates the hiring market for crane operators in the state of Florida. A workers'…

A: The lowest level of remuneration that employers are bound to pay their employees legally as per the…

Q: Explain ways in which a firm might increase its profits by raising the wages it pays.

A: Profit: It is the income after settling all expenses.

Q: Evaluate this statement: "All minimum wage workers would be better off if the minimum wage rose to…

A: Wage:The monetary compensation or remuneration paid to the person against the service or work…

Q: b. The minimum wage ought to be abolished.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: What are the similarity and difference between "Minimum Wage Laws" and "Theory Of Efficiency Wages"…

A: Minimum wage law is the law of paying minimum wage to the employees. The minimum wage is determine…

Q: What is the idea behind the market mechanism of pay?

A: . A market is working on the basis of a specific mechanism that is recognized by the economist using…

Q: Show how each of the following changes the reservation wage graphically: 1) An increase in the wage…

A: Wage that the labor requires to be a part of the labor market. It represents the money value of…

Q: In Houston, 150 people are willing to work an hour as cashiers if the wage is $20 per ha each…

A: in Houston 150 people are willing to work an hour as cashiers if the wage is $20 per hour. For each…

Q: A man said, “the implementation of Minimum Wage Law has nothing to do with the increase in wages of…

A: Minimum wage law means a particular wage rate which is above equlibrium wage level. Government…

Q: Explain four ways in which a firm might increase its profits by raising the wages it pays sentence.

A: Efficiency wage theory depicts that the firm will operate more efficiently if it pays the higher…

Q: What is minimum wage in your own words? Why are you not against minimum wage?

A: Minimum wage: - The minimum wage is the basic wage or the minimum amount of wage which must be…

Q: What can be done to over come the shortage of workers(. Explain 100 words)

A: A scarcity happens whenever demand for a commodity or service surpasses sufficient supply and the…

Q: On the basis of the Diagram 1 below, the minimum wage laws are good for economic wellbeing. State…

A: Economic social well being :This is defined as the 'ability to create a virtuous circle in which…

Q: Based on the figure below, which movement could be caused by an increase in the wages of oil…

A: There are many factors that shift the supply curve, one of which is cost of production.

Q: Answer questions in this assignment using the above graph. Suppose the government offers a $50 wage…

A: Equilibrium in the market is reached at the intersection of labor demand and labor supply curves.

Q: The likely consequence of a binding minimum wage on a labour market is... a. A higher wage for all…

A: A minimum wage is the lower limit on wages. Wages cannot fall below minimum wage.

Q: 1). Do We Need Another Movie Like "Top Gun?" The US military has claimed that there may soon be a…

A: Given information Two types of pilots Fighter pilots and commercial pilots Pentagon predicts that…

Q: Justin Trudeau, who owns a barbershop in Ottawa, charges $8 per haircut. By hiring one barber named…

Q: What happens to employment in country A after minimum wage is introduced?

A: Labor Force refers to the total number of workers that are willing to work at the given wage levels…

Q: How do minimum wages affect wages, employment, and unemployment?

Q: Before June 2020, the labor market in Pakistan was at equilibrium with an equilibrium wage (WE) of…

A: When the wages were Rs 15000 the labor demand and the labor supplied was 10 million. The market…

Q: Discuss how minimum wage laws affect labor markets.

A: Minimum wage laws refer to laws that ensure the no workers should be hired below the minimum wage.…

Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

I need the answer as soon as possible

18. The minimum wage is an example
of
A. O Price floor
B. O Price ceiling
C. O Equilibrium wage
D. O Efficiency of labour

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Name some factors that can cause a shift in the demand curve in labor markets.
Under what Circumstances would a minimum wage be a nonbinding price floor? Under what circumstances would a living wage be a binding price floor?
Whether the product market or the labor market, what happens to line equilibrium price and quantity for each of the four possibilities: increase in demand, decrease in demand, increase in supply; and decrease in supply.
What would be a sign of a shortage in financial markets?
What is the formula for the wage elasticity of labor supply?
Why is a living wage considered a price floor? Does imposing a living wage have the same outcome as a minimum wage?
Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?
Name some factors that can cause- a shift in the supply curve in labor markets.
Next, consider an example of DWL in the labour market. Suppose the demand for labour is given by the fixed gross wage W = $16. The supply is given by W = 0.8L. (a) Illustrate the market geometrically. (b) Calculate the equilibrium amount of labour supplied, and the supplier surplus. (c) Suppose a wage tax that reduces the wage to W = $12 is imposed. By how much is the supplier’s surplus reduced at the new equilibrium?
a) Based on economic surplus, explain who gains and who loses in the case of the minimum wage and whether the overall impact for society is positive or negative.
Economics: Labor Economics Question: Labor demand and supply are given by w = 50 - 3Ed and w = 10 + Es. Please show work for each part. a.What is the equilibrium wage of this market? [a] b.What is the equilibrium number of workers employed in this market? [b] Suppose now a tax of $5 is added into this market. c.How much do workers receive as wage after this payroll tax? [c] d.How much do firms have to pay workers after this payroll tax? [d] e.What is the government tax revenue as a result of this payroll tax? [e] f.What is the amount of deadweight loss generated as a result of this payroll tax (do not round, write out entire number)? [f] Thank you for your support and help Study Agent!
8.Draw a theoretical market for low-skilled labor along with a binding minimum wage. Indicate if there is a shortage or surplus; and if there is, explain what it means.