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A Minimum Wage That Is Set Above a Market's Equilibrium

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A minimum wage that is set above a market's equilibrium wage will result in


Definitions:

Welfare

Governmental support aimed at ensuring the basic physical and material well-being of people in need.

Supplemental Nutrition Assistance Program

The Supplemental Nutrition Assistance Program (SNAP) is a federal assistance program that provides funds to low-income individuals and families to purchase food.

SNAP

stands for Supplemental Nutrition Assistance Program, a federal aid program in the United States that provides food-purchasing assistance for low- and no-income people.

Income

Funds received regularly as a result of working or making investments.

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