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The minimum wage in 2019 was $17.70 per hour. Now imagine that, in 2020, the government has passed a new policy that decreases the minimum wage to $14.00 per hour. Use clear writing to describe how various market outcomes, such as the number of workers employed and shortage / surplus of workers, change from 2019 to 2020.
Issue:
How will employers, workers, and the market outcome respond to the decrease in minimum wage?
Law:
Explain the Laws of Demand and Supply.
Application:
Explain how these laws apply to the labour market.
Conclusion
This document contains various important questions and their appropriate answers in the subject field of Economics.
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