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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Why is a living wage considered a price floor? Does imposing a living wage have the same outcome as a minimum wage?

To determine

If living wage is the same as price floor and to determine if it has the same effect as minimum wage.

Explanation

A living wage is considered as a price floor, because living wage is the level of wage that is required for the basic sustenance of a person, which is also known as living wage. Now, if the wage rate is lower than the living wage, then the government will interf...

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