A common result of a minimum wage is that quantity of labor supplied exceeds quantity of labor demanded and some workers potentially may not be able to find employment.
What is a minimum wage?
This refers to the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract.
Hence, the common result of a minimum wage is that quantity of labor supplied exceeds quantity of labor demanded and some workers potentially may not be able to find employment.
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