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Figure 3 Rent Control in the Short Run and in the Long Run Figure 3 Rent Control in the Short Run and in the Long Run Figure 4 A Market with a Price Floor Figure 4 A Market with a Price Floor An important example of a price floor is the minimum wage. Minimum-wage laws dictate the lowest price for labor that any employer may pay. The U.S. Congress first instituted a minimum wage with the Fair Labor Standards Act of 1938 to ensure workers a minimally adequate standard of living. In 2002 the minimum wage according to federal law was $5.15 per hour, and some state laws imposed higher minimum wages. (Mankiw, Principles of Economics(2004), third edition, p121.) Case Study: The Minimum Wage To fully understand the minimum wage, keep in mind that the economy contains not a single labor market, but many labor markets for different types of workers. The impact of the minimum wage depends on the skill and experience of the worker. Workers with high skills and much experience are not affected, because their equilibrium wages are well above the minimum. For these workers, the minimum wage is not binding. (Mankiw, p122.) Case Study: The Minimum Wage The minimum wage has its greatest impact on the market for teenage labor. The equilibrium wages of teenagers are low because teenagers are among the least skilled and least experienced members of the labor force. In addition, teenagers are often willing to accept a lower wage in exchange for on the job training. (Some teenagers are willing to work as “interns” for no pay at all. Because internships pay nothing, however, the minimum wage does not apply to them. If it did, these jobs might not exist.) As a result, the minimum wage is more often binding for teenagers than for other members of the labor force. (Mankiw, p122.) Case Study: The Minimum Wage The minimum wage is a frequent topic of political debate. Advocates of the minimum wage view the policy as one way to raise the income of the working poor. They correctly point out t