What is meant by minimum wage, Microeconomics

Assignment Help:

What is meant by minimum wage? 

The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are examined by the forces of supply and demand in a free market. In most cases, the minimum wage acts as a price floor. Every country sets its own minimum wage laws and regulations, and most of the  countries have no minimum wage. 

 


Related Discussions:- What is meant by minimum wage

Why expect that the inflation rate to accelerate, 1) The Economy cannot be ...

1) The Economy cannot be considered fully employed unless the measured unemployment rate is below 1%. Agree or disagree and explain your answer in a paragraph. 2) A) Why would y

Normal and abnormal profits., the diagram used to illustrate of abnormal an...

the diagram used to illustrate of abnormal and normal profits

Indifference curve, Jane receives utility from days spent travelling on vac...

Jane receives utility from days spent travelling on vacation domestically(D) and days

Location of industry and localization of industry, Location of industry and...

Location of industry and localization of industry: Location of industry tries to answer the key economic question "where to produce". It involves deciding on the area that an

What is the sign of the cross price elasticity, Australians are turning to ...

Australians are turning to scooters to combat escalating petrol prices. After a slump in the March quarter this year, demand for scooters was up by more than 7 per cent in the firs

Demand and supply, identify which curve (demand or supply) will be affected...

identify which curve (demand or supply) will be affected?

Macroeconomics, if nominal GDP in 2002 exceeds nominal GDP in 2001, did rea...

if nominal GDP in 2002 exceeds nominal GDP in 2001, did real output rise?

Work plan and gantt chart, Once the organization has decided to move forwar...

Once the organization has decided to move forward with the development of a new or modified system, it is time to determine what tasks are necessary to move the project from initia

Statistics, define statistics in plural and singular sense

define statistics in plural and singular sense

Determine the optimal strategy for the breeder, Consider a decision faced b...

Consider a decision faced by a cattle breeder. The breeder must decide how many cattle he should sell in the market each year and how many he should retain for breeding purposes.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd