Question
If the demand for unskilled labor were inelastic, would the proposed increase in the minimum wage raise or lower total wage payments to unskilled workers?
If the demand for unskilled labor were inelastic, would the proposed increase in the minimum wage raise or lower total wage payments to unskilled workers? Would your answer change if the demand for unskilled labor were elastic?
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Essentials of Economics
Authors: N. Gregory Mankiw
8th edition
1337091995, 978-1337515351, 1337515353, 978-1337091992
