An example of price floors is the minimum wage law in the labour market, where government, in order to protect the suppliers and interests of laborers, mandates a wage floor or minimum wage.

True

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False

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The correct option is A
True

True. An example of price floors is the minimum wage law in the labour market, where government, in order to protect the suppliers and interests of laborers, mandates a wage floor or minimum wage.

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Similar questions

Q6) With reference to National Floor-Level Minimum Wage choose the correct statement(s):

1) The National Floor-Level Minimum Wage (NFLMW) was hiked to 160 rupees per day from 137 rupees per day in effect from 1st July, 2015

2) It was implemented for the first time in 1996 on the basis of the recommendations of the National Commission on Rural Labour (NCRL) under the Minimum Wages Act, 1948

3) Its purpose is to have a uniform wage structure and to reduce the disparity in minimum wages across the country

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Q. What were the minimum wages set by the government for a farm labourer?

Why are the wages for farm labourers in Palampur less than minimum wages?

Q. Minimum wage is an example of a .

Q. A result of minimum wage is unemployment. With respect to the labour market, this is a case of .

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An example of price floors is the minimum wage law in the labour market, where government, in order to protect the suppliers and interests of laborers, mandates a wage floor or minimum wage.

The correct option is A True True. An example of price floors is the minimum wage law in the labour market, where government, in order to protect the suppliers and interests of laborers, mandates a wage floor or minimum wage.

The correct option is A
True

True. An example of price floors is the minimum wage law in the labour market, where government, in order to protect the suppliers and interests of laborers, mandates a wage floor or minimum wage.