Question: Minimum wage laws are laws that set a wage minimum in the labor market. When is it a nonbinding floor? A. the equilibrium wage rate

Minimum wage laws are laws that set a wage minimum in the labor market. When is it a nonbinding floor? A. the equilibrium wage rate is above the minimum wage rate B. it is never nonbinding C. the equilibrium wage rate is below the minimum wage rate D. it is always nonbinding

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