Whether the minimum wage is a binding price floor always depends upon whether the economy is in a recession.

Name: Whether the minimum wage is a binding price floor always depends upon whether the economy is in a recession.
Brand: Quizplus
Rating: 4.7 (31 reviews)

Question

​Whether the minimum wage is a binding price floor always depends upon whether the economy is in a recession.

Quizplus · Accepted Answer

The determination of whether the minimum wage is a binding price floor depends on its level relative to the equilibrium wage in the labor market, not directly on the state of the economy being in a recession or not.

​Whether the Minimum Wage Is a Binding Price Floor Always

Whether the Minimum Wage Is a Binding Price Floor Always