Asked by Aidan Packer on Apr 24, 2024
Define minimum wage. What is the purpose of minimum wage?
Minimum Wage
The lowest legal hourly pay that employers can offer to workers, set by government policy to protect worker's living standards.
- Describe the effects of minimum wage laws on employment and labor market equilibrium.
Learning Objectives
- Describe the effects of minimum wage laws on employment and labor market equilibrium.