Question
What's the impact of an increase in the minimum wage from the current level to $15 per hour.How would the following be affected? what happens
What's the impact of an increase in the minimum wage from the current level to $15 per hour.How would the following be affected?
what happens whenemployment of people previously earning less than $15 per hour?
what happens when unemployment rate of teenagers?
what happens with the availability of on-the-job training for low-skilled workers?
And the demand for high-skilled workers who are good substitutes for low-skilled workers
Why does a price floor lead to surpluses?Why does a price ceiling lead to shortages?Review consumer and producer surplus.A price floor will lead to a transfer of consumer surplus to producer surplus; a price ceiling will lead to a transfer of producer surplus to consumer surplus; both price regulations lead to deadweight losses, which is a loss of surplus to society.Why?
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