Price floors in a competitive market are to supply surplus as minimum wage laws are to what?

Price floors are set by the government to ensure that prices do not fall below a certain level, which can lead to a surplus of goods. Similarly, minimum wage laws set a lower limit on how much workers can be paid, which can result in a surplus of labor, meaning more people want jobs than there are jobs available. For example, if the minimum wage is set too high, employers may hire fewer workers because they cannot afford to pay them all. This creates unemployment, just as a price floor can create excess supply of a product. Both situations show how government regulations can lead to imbalances in the market.