select the correct location on the graph. which point on the graph shows minimum wage as the price floor?
select the correct location on the graph. which point on the graph shows minimum wage as the price floor?
Answer
Brief Explanation:
A price - floor is a legal minimum price. In the context of the labor market, the minimum wage is a price - floor. On the graph, the minimum wage is marked at the wage level of $18. The point where the horizontal line representing the minimum wage ($18) intersects the labor - supply curve shows the minimum wage as the price - floor.
Answer:
The point where the $18 minimum - wage line intersects the labor - supply curve.