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Mr. Winkler mentioned states with a higher minimum wage outperformed the other states in employment, income, job growth, and consumer spending, What must be true
Mr. Winkler mentioned states with a higher minimum wage outperformed the other states in employment, income, job growth, and consumer spending, What must be true for these results to have occurred? It must be that employers were able to outsource many jobs to countries without, or with a lower, minimum wage. both the demand and supply curves in the labor market must be nearly perfectly elastic. employers were successful in substituting capital for labor when the wage rose. the statemandated minimum wage is not above the equilibrium wage in that state
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