Price floors in labor markets designed to provide fair standards of living are called:Group of answer choicesequal wagesminimum wageswage subsidiesliving wages

The correct term for price floors in labor markets that are designed to provide fair standards of living is minimum wages.

Explanation:

1. Definition: A minimum wage is a legally mandated lowest hourly wage that employers can pay their workers. It is established by law to ensure that all employees receive a baseline level of compensation for their work.

2. Purpose: The main goal of minimum wages is to protect workers from exploitative labor practices and to ensure that they can meet basic living costs.

3. Effects: Imposing a minimum wage can help reduce poverty and inequality, though it may also lead to discussions about possible impacts on employment levels or inflation.

4. Distinction from Other Terms:

   • Living wages refer to wages that are sufficient to cover basic living expenses, including housing and food, which may be higher than the statutory minimum wage.
   • Wage subsidies are payments made by the government to employers or employees to encourage hiring or to boost employee earnings, rather than being a floor on wages.
   • Equal wages generally refer to the principle of paying all workers the same rate for the same job, rather than establishing a minimum pay level.

Overall, while all options relate to wages, "minimum wages" is specifically the term describing the legally enforced price floor in labor markets.