Asked by
Kristina Devyatkina
on Nov 16, 2024Verified
When a minimum-wage law forces the wage to remain above the level that balances supply and demand, there are more workers willing to work than there are jobs, so some workers are unemployed.
Minimum-Wage Law
Legislation that sets the lowest hourly rate that can be paid to workers, intended to ensure a minimum standard of living for employees.
Unemployed
The status of a person who is capable of working, is seeking work, but is unable to find employment.
- Explore the relationship between minimum-wage standards and their consequences on labor market dynamics and unemployment phenomena.
Verified Answer
BL
Learning Objectives
- Explore the relationship between minimum-wage standards and their consequences on labor market dynamics and unemployment phenomena.
Related questions
Minimum-Wage Laws Are One Reason There Is Always Some Unemployment ...
When a Minimum-Wage Law Forces the Wage to Remain Above ...
When a Minimum-Wage Law Forces the Wage to Remain Above ...
When a Minimum-Wage Law Forces the Wage to Remain Above ...
Minimum Wages Are the Predominant Reason for Unemployment in the ...