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Minimum wage


 

The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as set by statute. It is different from the lowest wage determined by the forces of supply and demand in a free market. In most cases, the minimum wage acts as a price floor. Each country sets its own minimum wage laws and regulations, and many countries have no minimum wage.

Related Topics:
Worker - Supply and demand - Free market - Price floor

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