If an increase in the minimum wage rate induces a number of restaurants to leave the industry,

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If an increase in the minimum wage rate induces a number of restaurants to leave the industry, what is the effect on the equilibrium price of a restaurant meal? Explain briefly.

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Economics Today The Micro View

ISBN: 9780135888124

20th Edition

Authors: Roger LeRoy Miller

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Question Posted: Nov 11, 2023 10:44 PM

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If an increase in the minimum wage rate induces a number of restaurants to leave the industry,

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In the short run the exit of firms will shift the supply c...View the full answer

Economics Today The Micro View

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