Asked by Aidan Packer on Apr 24, 2024
Verified
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.
Verified Answer
DL
daisy lopez7 days ago
Final Answer :
Minimum wage is the lowest wage that employers may legally pay for an hour of work. The purpose of minimum wage is to provide a "wage floor" that will help less-skilled workers earn enough income to escape poverty.
Learning Objectives
- Describe the effects of minimum wage laws on employment and labor market equilibrium.