alleryStart learning →What hourly rate was the federal minimum wage set at, at the end of 2014?
A$6.25 per hour
B$8.25 per hour
C$9.25 per hour
D$7.25 per hour
Answer & Solution
Correct answer: D. $7.25 per hour
1. The minimum wage is the leading real-world example of a price floor.
2. The stated federal rate at the end of 2014 was $7.25 per hour.
3. This figure is meant to yield an income for a full-time worker slightly above the poverty line.
4. The other dollar amounts listed are not the figure given for that year.
_Source: OpenStax Principles of Macroeconomics for AP Courses (CC BY 4.0), Ch 3 "Demand and Supply", section 3.4 | Price Ceilings and Price Floors_
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