Minimum-wage laws can keep wages a. above equilibrium and cause a shortage of labor. b. below equilibrium and cause a shortage of labor. c. above equilibrium and cause a surplus of labor. d. below equilibrium and cause a surplus of labor.

Question

Physics

Demarcus Key

9 April, 02:17

Minimum-wage laws can keep wages a. above equilibrium and cause a shortage of labor. b. below equilibrium and cause a shortage of labor. c. above equilibrium and cause a surplus of labor. d. below equilibrium and cause a surplus of labor.

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Answers (1)

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Haynes · Answer 1

Minimum-wage laws can keep wages above equilibrium and cause a surplus of labor.

Explanation:

Wage law is the boundary that sets the cost to be paid to the people hiring employees for monthly or hourly work. More than 90% of countries in the world have legally set this law in their country so that no employee can be hired below the rate that they deserve. The minimum wage law adds up the surplus to the labor and makes the hourly or monthly wage above equilibrium. The minimum wage of labor differs from one country to another.