Question: The Fair Labor Standards Act establishes a federal minimum wage
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?
Answer to relevant QuestionsThe New York City Rent Stabilization Law of 1969 established maximum rental rates for apartments in New York City. Explain how such controls can lead to shortages, especially in the long run, and other economic costs. ...People of many different age groups and circumstances take advantage of part-time employment opportunities provided by the fast-food industry. Given the wide variety of different fast-food vendors, the industry is fiercely ...In the United States, steel production has remained constant since the 1970s at about 100 million tons per year. Large integrated companies, like U.S. Steel remain important in the industry, but roughly 50% of domestic ...When will an increase in the minimum wage increase employment income for unskilled laborers? When will it cause this income to fall? Based on your experience, which is more likely?In a celebrated case tried during 1998, The Department of Justice charged Microsoft Corporation with a wide range of anti-competitive behavior. Among the charges leveled by the DOJ was the allegation that Microsoft illegally ...
Post your question