Suppose you live in Arkansas and are looking for a job. The state minimum wage rate is
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Suppose you live in Arkansas and are looking for a job. The state minimum wage rate is $6.25/hour, the federal minimum wage rate is
$7.25/hour, and the market equilibrium wage for the job is $8.00/hour.
What wage will you be paid? Are the state and national minimum wages binding or non-binding price floors?
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