140k views
3 votes
When the government sets a price floor on earnings, it is called which of the following?

employment guarantee

base-level wage

minimum wage

market equilibrium rate

User Marcusljx
by
8.3k points

2 Answers

6 votes

Answer:

minimum wage

your welcome in a nice way ok

User Thomas Weller
by
7.8k points
4 votes
The answer is minimum wage.

A price floor is:
a) The lowest price a consumer can pay for a good
OR
b) The lowest price a person can be paid for a certain service.

In this case, the United States government has a price floor, which is called minimum wage. The federal minimum wage ensures that Americans in certain industries can not be paid less than a certain hourly rate. Currently, it is $7.25 an hour. However, states can create their own minimum wage for their citizens as well.
User IvanL
by
8.1k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.