Answer:
The minimum wage is an example of a price floor
Step-by-step explanation:
The reason why it is a price floor and not a price ceiling is because the employer, cannot legally pay a wage lower than the one set by either the state and/or federal government. A reason to provide the minimum wage is that it helps workers subsist with a minimal standard of living to meet their necessities.
However, one could argue that with a minimum wage, the employer would have to introduce massive layoffs and there would be fewer jobs.
The government should introduce a minimum wage at the federal level and hope the states follow suit, where it becomes a living wage and workers don't have to subsist in dire conditions.
The government should set a standard for firms to allow for collective bargaining, as well as ensure that there isn't price gouging, yet allow firms to be competitive with each other.