Question

Garret is an undergraduate looking for a job to pay for college. As Garret seeks employment, he is glad to know that he will be paid at least $ 7.25 per hour.

Answer 1

Price floor.

Step-by-step explanation:

Price floor is perfect fit in the scenario given. As price floor is the legal minimum price fixed by government to protect the right of labor or work force from getting expolited at lower price, which will not fulfill the basic need of labor. It vary according to the region or place, such as rural or urban, depending on the cost of living in the region. It help the economy to have growth with equity.