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Price Floor

The lowest legal price a commodity can be sold at. Price floors are used by the government to prevent prices from being too low. The most common price floor is the minimum wage.

Should We Raise the Minimum Wage? | We The Economy

John Steele Gordon and Dean Baker address questions about minimum wage, part of the WE THE ECONOMY Series.

A $15 minimum wage could lift 1.3 million out of poverty — and cost 1.3 million jobs

A $15 federal minimum wage would likely boost pay for 27 million US workers, lifting 1.3 million households out of poverty, according to an analysis released Monday by congressional economists. But the income boost may come with a cost: It could trigger 1.3 million job losses.

Price Floors: The Minimum Wage

Price floors, when prices are kept artificially high, lead to several consequences that hurt the consumer. In this video, we take a look at the minimum wage as an example of a price floor.

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