(Price Floors) The minimum wage is a price floor in a mar- ket for labor.The government sets a minimum price per hour of labor in certain markets, and no employer is per- mitted to pay a wage lower than that. Go to the Depart- ment 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?