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A government-set minimum wage is a price floor on the price of labour. A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, [21] good, commodity, or service. A price floor must be higher than the equilibrium price in order to be effective. The equilibrium price, commonly called ...
Protesters call for an increased legal minimum wage as part of the "Fight for $15" effort to require a $15 per hour minimum wage in 2015. A government-set minimum wage is a price floor on the price of labour.
The law’s new fast-food minimum wage of $20 an hour is $3 higher than what Chipotle previously paid workers at its 475 California locations and $4 higher than the Golden State’s current ...
In the annual minimum wage review decisions of 2019–20 and 2020–21, the FWC was considerably more constrained in setting minimum wages due to uncertain economic conditions during the COVID-19 pandemic and the 2020–21 decision noted the uncertainty of the impact of increases in the minimum wages for youth employment.
In April 2024, fast food workers will begin earning a minimum of $20 an hour due to the passage of Assembly Bill 1228. The bill came after a previous bill was passed requiring a $22 minimum wage.
California is raising the minimum wage for fast food restaurant employees to $20 per hour starting April 1, 2024. This is $4 more than the state's overall minimum wage.
Price floors impose a minimum price at which a transaction may occur within a market. These can be enforced by the government, as well as by non-governmental groups that are capable of wielding market power. In contrast to a price floor, a price ceiling establishes a maximum price at which a transactions can occur in a market.
The effective price to the sellers is again lower by the amount of the tax and they will supply the good as if the price were lower by the amount of tax. Last, the total impact of the tax can be observed. The equilibrium price of the good rises and the equilibrium quantity decreases.