Asked by
Devyn Blount
on Nov 16, 2024
Verified
When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the result is a shortage of labor.
Minimum-Wage Law
Legislation that establishes the minimum amount per hour that employers must pay their employees.
Labor Shortage
A condition in which employers do not have enough employees to fill the available job vacancies.
- Investigate the repercussions of establishing minimum pay rates on labor market movements and joblessness.
Verified Answer
MT
Learning Objectives
- Investigate the repercussions of establishing minimum pay rates on labor market movements and joblessness.
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