A troublesome ques more or less makeshift monetary!?

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Is the minimum wage policy a form of price ceiling or price floor? Draw a supply and demand diagram for the unskilled slog market, and discuss the effect of minimum wage. Who is helped and who is hurt by the policy?

Answers:    It is a price floor. ....it is the minimum businesses can wage for labor..assume you have a market for labor beside businesses as consumers of labor (demand curve) and workers as suppliers of labor (supply curve)...

who benifits from minimum wage statutes depends on where the wage is set..at $5 there are more job than there are workers willing to work....at $6 the level of labor supplied meets the quantity demanded by businesses and the bazaar is in equilibrium....at $7 there are more workers of a mind to work than there are jobs.....

I\ /
7 I \-------------------
6 I \ / a
I / \
5 I- /---\------------
I/___ \______

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