Study Notes
Minimum Wage and Living Wage (Government Intervention)
- Level:
- AS, A-Level
- Board:
- AQA, Edexcel, OCR, IB
Last updated 3 Jul 2018
A minimum price is a price floor below which the market price cannot fall. To be effective the minimum price has to be set above the equilibrium price. The best example of a minimum price is a minimum wage in the labour market
Revision Video: Minimum Wage Evaluation
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