which-of-the-following-best-describes-the-relationship-between-price-floors-and-

Question

Which of the following best describes the relationship between price floors and minimum wage laws?

Accepted Answer

Minimum wage laws are a type of price floor.

Answer

Minimum wage laws are set to decrease supply.

Answer

Price floors are set below equilibrium to increase demand.

Answer

Price floors are unrelated to minimum wage laws.