Is a minimum wage law a price floor or a price ceiling

Reference no: EM13683600

Recently in Oklahoma, lawmakers have increased the minimum wage to $8.00/hr because the old minimum wage ($5.25/hr) was found to be ineffective.

1. Is a minimum wage law a price floor or a price ceiling? Describe.

2. On a graph, please draw the effects of the minimum wage increase on the labor market. Label your graph

Reference no: EM13683600

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