Government Intervention in Markets. Government Intervention in Markets. Working Time Directive. National Minimum Wage. National Minimum Wage. Wage Rate (£/per hour). S Lab. Min Wage. 4.90. Potential Unemployment.
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Government Intervention in Markets
Wage Rate (£/per hour)
Government imposes a minimum wage above equilibrium at £4.90 per hour for those over the age of 22
Demand for labour from employers falls, supply of labour (employees) rises
Assume that the current equilibrium wage rate is £3.00 per hour which is seen as being unacceptably low