Minimum wage is an example of a .

tax

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price ceiling

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price floor

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Solution

The correct option is C price floor
Minimum wage is an example of a price floor as the wage or the price of labour cannot go below this level.

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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.

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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

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Q. An adjusting entry to accrued wages earned but not yet paid is an example of _______________.

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Minimum wage is an example of a .

The correct option is C price floorMinimum wage is an example of a price floor as the wage or the price of labour cannot go below this level.

The correct option is C price floor
Minimum wage is an example of a price floor as the wage or the price of labour cannot go below this level.