tutor2u | Maximum wage

Topics

Maximum wage

A wage that is set below the equilibrium wage rate. In theory, the outcome would be an excess demand for labour, or a labour shortage. In October 2016, the adult minimum wage in the UK for workers aged 25 years and over was £7.20 per hour.

© 2002-2022 Tutor2u Limited. Company Reg no: 04489574. VAT reg no 816865400.