The CBS news correspondent Bill Whitaker discussed the high level of unemploymen

Question

The CBS news correspondent Bill Whitaker discussed the high level of unemployment among teens, especially during the summer months. In 2011, unemployment among the population as a whole was 9.1 percent, but among teens it was close to 24 percent. Many of these teens were hoping to get entry level jobs as small businesses. (Source: CBS news, June 4 2011) A minimum wage set above the equilibrium wage rate is called Select one: a, a price floor. O b. a price ceiling. O c. quota. O d. subsidy. pe here to search

Explanation / Answer

Answer is a. Price floor.

Explanation:

The minimum price i.e. wage rate which is set by the government over the equilibrium price in order to protect the interest of producer i.e. labour, is called Price flooring.

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