What was an effective price flor in the labor market

Reference no: EM13239673

Assume that labor supply is perfectly inelastic. If the demand for labor is inversely related to the real wage, what would the effect of a minimum wage be if it was an effective price flor in the labor market? What relationship between worker incomes and labor demand in the macroeconomy might mitigate the impact of the minimum wage?

Reference no: EM13239673

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