Price Floor Graph Example. A Price Floor Graph. Lets consider the example of market for unskilled labor.
This surplus is illustrated in Figure 55 A price floor. Any employer that pays their employees less than the specified amounts can be prosecuted for a breach of minimum wage laws. This is established by the Federal.
A Price Floor Graph.
The federal minimum wage at the end of 2014 was 725 per hour which yields an income for a single person slightly higher than the poverty line. A Price Floor Graph. In Figure 55 A price floor the price floor is illustrated with a horizontal line and is above the equilibrium price. For example the iPhone sells for around 699.
