1. As a result of the Great Depression,the U.S.government established many new regulations targeted at helping workers and consumers.One new piece of legislation was the minimum wage law,which sets a floor on the price of labor.
3. Today,we frequently debate what impacts an increase in minimum wage would have.What impacts might a rise in the minimum wage have(if phased in over the next3-4years)on the market for minimum wage labor?Focus on the demand curve for minimum wagelabor,and the supply curve for minimum wagelabor
5. 
   
7. Question 2: We recently (2008-10) experienced the Great Recession. During this time, some products and services experienced "shifts" in demand. Discuss one specific example of such a shift in demand, and what factors contributed to the shift?
9. 
   
11. 
    
13. Question 3: Give some examples of goods and services where a consumer's response to a price change might typically be elastic and where it might typically be inelastic. Explain why the response would be elastic or inelastic. (Be sure to reply to another student's post.)
15. 
    

Answer rating: 100% (QA)

Here are potential impacts of raising the minimum wage on the market for minimum wage labor On the demand side Raising the price of labor the minimum ... View the full answer