The minimum wage has its greatest impact on the market for teenage labor.
The equilibrium wages of teenagers are low because teenagers are among the
least skilled and least experienced members of the labor force. In addition,
teenagers are often willing to accept a lower wage in exchange for on-the-job
training. (Some teenagers are willing to work as “interns” for no pay at all. Because
internships pay nothing, however, the minimum wage does not apply to
them. If it did, these jobs might not exist.) As a result, the minimum wage is
more often binding for teenagers than for other members of the labor force