A minimum wage ........

General Studies (CHSL) Indian Economy

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A minimum wage _____.

is the price floor below which workers may not sell their labor

is set at a price below the equilibrium wage

creates a price ceiling below which the wage cannot legally go

decreases unemployment

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Explanation:

The Minimum Wages Act 1948 is an Act of Parliament concerning Indian labour law that sets the minimum wages that must be paid to skilled and unskilled labours.The Indian Constitution has defined a 'living wage' that is the level of income for a worker which will ensure a basic standard of living including good health, dignity, comfort, education and provide for any contingency. However, to keep in mind an industry's capacity to pay the constitution has defined a 'fair wage'.