Explain the effects of the higher minimum wage on the workers surplus and the firms surplus. Has
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Explain the effects of the higher minimum wage on the workers’ surplus and the firms’ surplus. Has the labor market become more efficient or less efficient? Explain.
The government has increased the minimum wage by $26 a week to $569.90 a week. Unions wanted a $27 a week increase, but employers argued that that level of increase was unaffordable and would send smaller firms to the wall.
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Raising the minimum wage to 56990 from 54390 per week is likely to have complex effects on both workers and firms surplusas well as the overall effici...View the full answer
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