Minimum Wage Is a Price Floor Because Employers Are Prohibited

question 97

Essay

Minimum wage is a price floor because employers are prohibited from paying workers at a wage rate lower than a certain level. Some occupations, such as wait staff in restaurants, are exempt from the minimum-wage law. What is the argument against a price floor for these occupations?

---

Definitions:

Unit of Measurement

A definite magnitude of a quantity, defined and adopted by convention or by law, that is used as a standard for measurement of the same quantity.

Modality

The number of peaks or high points in the frequency distribution of a dataset.

Variability

The degree to which data points in a distribution or set diverge from the central value (mean or median), indicating how spread out the data are.

Symmetry

The property where an object or design is balanced and proportionate, often mirroring one side to another.