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By supply and demand, in a totally unfettered economy. Many nations have a legislated minimum wage.
When minimum wage increases for workers this affects the supply curve upwards for the company. This will mean that the cost goes up which pushes the curve to the left.
wages will go down because productivity is lower
Rent controls result in shortages and minimum wage laws result in surpluses
Wage goes down.
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.
By supply and demand, in a totally unfettered economy. Many nations have a legislated minimum wage.
When minimum wage increases for workers this affects the supply curve upwards for the company. This will mean that the cost goes up which pushes the curve to the left.
wages will go down because productivity is lower
By increasing or decreasing the minimum wage.
Rent controls result in shortages and minimum wage laws result in surpluses
Wage goes down.
Wage goes down.
Wage goes down.
Wage goes down.
Wage goes down.
The law of supply and demand.