Article by Bishop (also in Leganto) to answer the following questions

https://www.rba.gov.au/publications/bulletin/2018/sep/pdf/the-effect-of-minimum-wage-increases-on-wages-hours-worked-and-job-loss.pdf

Answer (True or False) within this word document and include one sentence on why you think the answer is True or False. one sentence

1. The wage-setting/award structure and institutions in Australia primarily focus on ensuring companies pay at least the minimum wage for that award.

1. The award structure primarily affects the wage for lower income workers, with collective agreements and individual contracts the main structures used for higher wage workers.

1. Though complex for all parties to navigate, there is little evidence that Australia's award structure is causing undue harms to the efficient functioning of the labour market.

1. The more elastic the labour demand curve, the smaller the decline in employment for a given rise in the minimum wage.

1. Minimum wages are common in industries where labour can easily be replaced by machines and hence these industries are likely to have elastic labour demand curves.

1. Most minimum wage workers are located in poor households.

1. Monopsony firms are likely to increase their employment if the minimum wage rises.

1. Minimum wages are a bad policy since they hurt low-paid workers by raising food prices.

1. The employment results of the Card and Krueger study of large fast-food outlets are partial rather than general economic effects.

1. Bishop's examination of the effect of a change in the minimum wage on the change in employment proves this policy has no lasting effects on employment.