0
Prices would go up because companies would need to make the extra money to pay the higher wage and keep their profits.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
Use wage for sentence?
Many workers are continuously fighting for a higher minimum wage.
When did Wage Workers Party end?
Wage Workers Party ended in 1910.
When was Wage Workers Party created?
Wage Workers Party was created in 1909.
How does minimum wage affect McDonald's prices?
Minimum wage affects the prices at McDonald's because it keeps the prices lower. If the wage goes up, their prices will rise.
What is the average wage group of 500 workers if median wage is 22000 and top 250 workers average wage is 26000?
22000
Most countries around the world have some sort of minimum wage law Explain why the minimum wage may hurt workers as much as help them?
Minimum wage may hurt a worker if the rate of inflation is higher than the minimum wage.
Why do some people favor minimum wage laws?
Because they assume and believe, contrary to objective evidence, that a floor wage helps low skilled workers, rather than prices them out of consideration for jobs.
How much would you pay people that work in a water park?
In the US: The company would start with the minimum wage for the state/federal government, and then increase that wage as-needed based on the supply of workers. For positions that require greater ability, the wage would be higher in general due to a lack of workers for the position. So, pay is based on supply and demand in the current market. Jobs which are bad might actually pay more since less people want to do them. For example, the 2nd or 3rd shift might pay more to attract enough workers to the positions.
What is minimim wage?
Minimum wage is the lowest acceptable wage for workers. It is meant to prevent employers from paying anything below a certain wage, which helps protect hourly workers.
Is minimum wage a price floor?
A minimum wage could be considered a price floor because it sets a wage floor on the price of labour. Since labour is an important factor of production, and price reflects the cost of production, then higher wages correspond to higher prices if there are no productivity gains.
Low unemployment rates in the country employers offer higher wage to meet their higher payroll costs and maintain profits they charge consumers more for goods and services what are the consequences?
a wage price spiral of ever-increasing prices
How could setting a new minimum wage give us an excess supply of workers in the us?
If the minimum wage is raised, more people who are not currently working will be willing to work for that wage, increasing the supply of workers. Also tend to hire less employees at higher wages, causing a lessening of demand. The combination of less demand are more supply could cause an excess supply of workers at minimum wage jobs, which tend to be unskilled.
