Question

The Fair Labor Standards Act establishes a federal minimum wage of $7.25 per hour effective July 24, 2009. Use your knowledge of market equilibrium and the elasticity of demand to explain how an increase in the minimum wage could have no effect on unskilled worker income. When will increasing the minimum wage have an income-increasing effect versus an income-decreasing effect? Which influence is more likely?



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  • CreatedFebruary 13, 2015
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