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Demand For Labor
The desire or need for employees by employers, determined by the wage rate and the level of production required by the firm or economy.
Price Floor
A government or regulatory-imposed minimum price for a good or service, intended to ensure that the market price does not fall below a certain level.
Surplus
The amount of a product or resource that exceeds the amount actually utilized or demanded.
Binding Minimum Wage
A government-set minimum wage that is above the equilibrium wage, potentially leading to unemployment because the quantity of labor supplied exceeds the quantity demanded.
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