Minimum wage

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Minimum wage is a price floor that makes it illegal for an employer to pay employees less than a certain hourly rate.

Definition

According to Principles of Economics by Timothy Taylor (3rd edition),

Minimum wage. A price floor that makes it illegal for an employer to pay employees less than a certain hourly rate.

According to the HRBoK Guide,

Minimum wage. Least amount paid for work. The lowest hourly, daily, or monthly salary that employers must legally pay to employees or workers.

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