Problem
(Price Floors)The minimum wage is a price floor in a market for labor. The government sets a minimum price per hour of labor in certain markets, and no employer is permitted to pay a wage lower than that. Go to the Department of Labor's minimum wage Web page to learn more about the mechanics of the program. Then use a demand and supply diagram to illustrate the effect of imposing an above-equilibrium minimum wage on a particular labor market. What happens to quantity demanded and quantity supplied as a result of the minimum wage?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.