Mean in terms of minimum wage being a price floor

Reference no: EM13689478

In article 2.6 in Dollars & Sense, current research reveals that minimum wage is not set too high! In keeping with your reading of Mankiw's ch. 6, what does this mean in terms of minimum wage being a price floor? Is our current Washington State minimum wage ( $9:32/hr as of January 2014) a binding price floor? What effect does the minimum wage have on unemployment? Use the arguments in the article along with the model laid out in your textbook to help you answer the question. Give an example of a price floor (aside from minimum wage) that has an effect on a group of people. Should the price floor be maintained? Why or why not?

Reference no: EM13689478

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