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    Implications of implementing a legal minimum wage

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    The implementing of minimum wage is similar to the creating of a price floor for a product or service, but in setting a minimum wage there is an important factor, which is the market equilibrium rate or ideal per hour wage for unskilled labor.

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    The implementing of minimum wage is similar to the creating of a price floor for a product or service, but in setting a minimum wage there is an important factor, which is the market equilibrium rate or ...

    Solution Summary

    A minimu wage is similare to a price floor. The implications of setting a minimum wage too high or too low are discussed.

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