What is the impact of minimum wage legislation on labor markets?There is a clear prediction from economic theory...minimum wages are price floors, so we learned about their effects in Unit 4 (someone will receive extra credit for a good explanation of the prediction).But there is a fair amount of controversy over the actual impact of minimum wages (this disagreement was exacerbated by a book published by Card and Krueger in 1997 with some shocking conclusions...later shown to be based on a flawed data set).So the questions:what are the impacts of minimum wages on low skilled workers? on other workers? on unemployment rates? on consumers?What is the net impact on society/the economy? (all positive questions)Should we have minimum wage laws?How high should the minimum wage be? (normative questions)