ECON MICRO
ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 4, Problem 7.15P
To determine

The effect of minimum wage on the unskilled labor market.

Concepts Introduced Wage Floor - It is the minimum wage or wage bracket established by law. It is the floor below which the prices are not allowed to fall in an industry or sector.

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