Homework SourseWhat is the economic impact of minimum wages on the market e
What is the economic impact of minimum wages on the market equilibrium for employment ? What happens when wages demanded exceed those that companies are willing to pay? What happens when companies pay more than an anticipated for a position?
What is the economic impact of minimum wages on the market equilibrium for employment ? What happens when wages demanded exceed those that companies are willing to pay? What happens when companies pay more than an anticipated for a position?
What is the economic impact of minimum wages on the market equilibrium for employment ? What happens when wages demanded exceed those that companies are willing to pay? What happens when companies pay more than an anticipated for a position?
Solution
Ans
Equilbrium level of employment decreases.
Demand for labour is less than supply and there is unemployment
Supply of labour rises more than demand
