which point on a graph shows minimum wage as the price floor

Answers

Answer 1

Answer:

For a price floor to be effective, the minimum price has to be higher than the equilibrium price. ... The most common example of a price floor is the minimum wage. This is the minimum price that employers can pay workers for their labor. The opposite of a price floor is a price ceiling.

Explanation:

A price floor or a minimum price is a regulatory tool used by the government. More specifically, it is defined as an intervention to raise market prices if the government feels the price is too low. In this case, since the new price is higher, the producers benefit. For a price floor to be effective, the minimum price has to be higher than the equilibrium price.

For example, many governments intervene by establishing price floors to ensure that farmers make enough money by guaranteeing a minimum price that their goods can be sold for. The most common example of a price floor is the minimum wage. This is the minimum price that employers can pay workers for their labor.

Related Questions

which country did not control any territory in Africa

Answers

The United States has never held any territory in Africa.

I NEED HELP PLEASE ANSWER QUICK (SAT Prep) In the given figure, a ∥ b. Find the value of z. A. 50° B. 90° C. 45° D. 75°

Answers

Answer:

Explanation:

The two z angles form a 90° angle so one z angle would be 45°

Answer:

C. 45°

Explanation:

half of 90° to a perpendicular is equal to 45°

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