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Recently, the Governor of California signed a bill that would raise the minimum wage to $15.00 per hour by the year 2022. The following article
- Recently, the Governor of California signed a bill that would raise the minimum wage to $15.00 per hour by the year 2022. The following article depicts the new law: http://www.marketwatch.com/story/california-new-york-pass-15-minimum-wage-laws-2016-04-01 .
- Demonstrate with an illustrative graph (no numbers) the likely impacts on supply, demand, and availability of labor in the California marketplace.
- Demonstrate what will likely happen to the supply curve for employers of minimum-wage workers, such as fast-food and agricultural firms.
- Explain what the affected employers might do to address the likely higher costs for producing fast food, agricultural products, and retail services.
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