List/Grid Tag Archives: Is labor cost fixed or variable


Do Minimum Wage Laws make Labor fixed or Variable?

Minimum wage laws were introduced all around the world around the mid- 20thcentury to protect the basic rights of the workers who are the real force behind the growth of Economy. Minimum Wage laws ensure that salary that a worker is being paid for his or her hard work is not less than the permissible limit of which he/she is entitled to. Due to the diversity of industries these days, it depends on country to country on whether they choose to categorize minimum wages from industry to industry depending on the amount of physical labor a worker ...
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