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Card 4 / 16: Why is a living wage considered a price floor? Does imposing a living wage have the same outcome as a minimum wage?
Answer:
Since a living wage is a suggested minimum wage, it acts like a price floor (assuming, of course, that it is followed). If the living wage is binding, it will cause an excess supply of labor at that wage rate.
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Microeconomics, OpenStax-CNX Web site. Download for free at http://cnx.org/content/col11613/latest
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