b. The minimum wage ought to be abolished.

Q: ) Based on economic surplus, explain who gains and who loses in the case of the minimum wage and…

A: Economic Surplus refers to the total welfare, which is the sum of both the consumer surplus as well…

Q: 10. What is the alternative to minimum wage? Show in the graph what needs to happen equilibrium wage…

A: Equilibrium is achieved at the output level where Qs equals Qd.

Q: Suppose that a 5% increase in the minimum wage causes a 5% reduction in employment. How would this…

A: Meaning of Money Supply: Money supply generally refers circulation of the money in the economy,…

Q: (a) Illustrate and explain the impact of a minimum wage on the labour market. (b) For the country of…

A: Minimum wage is the lowest wage that has to give for the labor. Generally, minimum wage is greater…

Q: Using the diagram, explain the impact of minimum wage.

A: In the labor market, the wage rate of the workers highly depends upon the demand and supply of…

Q: 7 The Thai government actively intervenes in markets (Nophakhun Limsamarnphun, “Govt Imposes Price…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: The minimum wage originally was only 25 cents an hour. Today it is $7.25 an hour. Assume that…

A: The bare minimum of payment that an employer must pay wage workers for work done during a certain…

Q: Why is  a living wage considered a price floor?Does imposing a living wage have the same out come as…

A: The living wage is the price which an individual require to survive the economic needs in the…

Q: Trinidad and Tobago's minimum wage rate was TT$15.00 in 2015. However, a new minimum wage of $17.50…

A: Minimum-wage is a price floor for labor wages. The minimum wage is only binding when it is above the…

Q: How to define economic welfare?

A: The answer to the question is as below :

Q: Consider the following statement.  VIRGO HODLER: “Bitcoin’s price will keep going up because there…

A: Bitcoin is defined as a kind of digital currency which can operate freely without any control of the…

Q: If the minimum wage increased in december 01,2019 from $ 15 to $17.50 . Illustrate this new minimum…

A: Minimum wage is the lowest wage that has to give for the labor. Generally, minimum wage is greater…

Q: C. Explain five economic conditions for an increase demand for education. ;

A: here we explain five economic conditions for an increase demand for education as follow:-

Q: The graph shows a market for labor. Draw a line that illustrates a minimum wage that creates…

A: Minimum wage is a type of price floor. It is the legal minimum price that can be charged for a good.…

Q: 8. Economists have argued that an Earned Income Tax Crodit is preferable to an increase in the…

A: Income tax credits refer to the tax refunds made to the workers over the income tax deducted on the…

Q: Based on your findings in the table above, what is the market equilibrium price and quantity for…

A: Shortage or surplus: When the price is 10, the demand is 89 and the supply is 29, then the surplus…

Q: A new skirt is in fashion these days. What will be the effect of this trend on the de- mand for the…

A: Taste and preferences have a direct impact on the demand for a good and service.  Such taste and…

Q: on to read the news clip, then complete the following steps. he market for fast-food workers. w the…

A: Minimum wage is the lower limit on the wage rate. It is binding if it is set above the equilibrium…

Q: Next question The figure shows the labor market in a region. For a minimum wage to change the wage…

A: Minimum wage is a form of price floor initiated by the government to ensure that the laborers are…

Q: A senator wants to raise tax revenue and make workers beller off. A slaff member proposes raising…

A: A payroll tax is a deduction from an employee's pay that is paid to the government on the employee's…

Q: $30 a week boost to minimum wage The government has increased the minimum wage by $30 a week to $570…

A: The minimum wage is the amount of minimum remuneration that an employer has to pay its employee.…

Q: what is price and unemployment?

A: Prices are employed in a free market economy to allocate products and resources. Prices are used all…

Q: Whats the difference between wages and salaries ?

A: Remuneration: It is payment or compensation received for services or employment.

Q: Illustrate and explain the impact of minimum wage on the labor market.

A: Equilibrium is achieved in the market where labour supplied equals labour demanded at that wage.

Q: A case study dicusses the federal minimum wage law.a. Suppose the minimum wage is above the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: vi What is a minimum wage? Explain why it may fail to help the poor households in an economy.

A: Minimum wage is basically determined as the negative or the minimum amount or the value of the…

Q: Would you support the minimum wage law? Would this help or hurt the workers? Defend your answer.

A: The minimum wage law is the minimum wage rate that should be given to the worker. It is a kind of…

Q: Show how each of the following changes the reservation wage graphically: 1) An increase in the wage…

A: Wage that the labor requires  to be a part of  the labor market. It represents the money value of…

Q: $30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a…

A: Minimum wage is a price floor that sets the minimum limit on the price level.

Q: should the federal government raise the minimum wage? Explain

A: Increasing the minimum wage would also boost consumer spending, boost company profits, and help the…

Q: A man said, “the implementation of Minimum Wage Law has nothing to do with the increase in wages of…

A: Minimum wage law means a particular wage rate which is above equlibrium wage level. Government…

Q: What types of business are forced to pay 15 dollars the employee as the minimum wage. (Talking about…

A: According to recent announcement made by Joe Biden it is mandatory to pay $15 as the minimum wage to…

Q: What can be done to over come the shortage of workers(. Explain 100 words)

A: A scarcity happens whenever demand for a commodity or service surpasses sufficient supply and the…

Q: Consider the article 2.3 RWM "What are the effects of a 15$/hr minimum wage?" What are the arguments…

A: The minimum wage would be the wage which is set by the government which acts as a lower minimum wage…

Q: The market price for hiring fast food workers is $8 an hour, but the City imposes a minimum wage of…

A: The Minimum wage is a minimum price of labour which is set by the government in the labour market.…

Q: The minimum wage has its greatest impact on the market for teenage labor. Oa. True Ob. False

A: The demand curve for labour, under the ceteris paribus assumption, shows the amount of labor…

Q: Graph Input Tool Market for Labor in the Fast Food Industry 20 18 Supply I Wage (Dolars per hour) 16…

A: The three most important factors of production- land, labor, and capital are used in the production…

Q: Federal Law establishes the Medicaid eligibility threshold for pregnant women with children at a…

A: In the United States, federal government implements various Medicaid programs to provide health…

Q: The likely consequence of a binding minimum wage on a labour market is... a. A higher wage for all…

A: A minimum wage is the lower limit on wages. Wages cannot fall below minimum wage.

Q: 215 Wag MP AP. Labor 14 O The total wage= 19.975, and the total surplus-0. O The total wage-34.075,…

A: The labor market is the market place where the buyers of labor and suppliers of labor interact to…

Q: $30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a…

A: Minimum wage is a price floor that sets the minimum limit on the price level.

Q: e workers? De

A: Minimum wages is the minimum amount of remuneration which an employer is being required for the work…

Q: The graph shows a market for labor. Draw a line that illustrates a minimum wage that creates…

A: People who are able and willing to work, and actively looking for a job are considered unemployed.

Q: minimum wage

A: Minimum wage is the least wage that can be paid by the authorities to employees legally. Workers…

Q: Define price ceiling and price floor and give an example of each. Which leads to shortage and which…

A: Demand is the total quantity amount of quantity that an individual is willing to purchase at…