The minimum wage law may distort the market for non-skilled labor. To reduce the distortion, some economists suggest a two-tier minimum wage system, where employees over age 19 have a minimum wage and employees under age 20 could earn wages below that figure. Give two reasons why economists think the minimum wage affects the under-20 labor market more than others

Q: What are the possible effects of minimum wage increase to the economy?

A: Minimum wage is the lowest wage below which an employee cannot hire workers.

Q: On page 104 of the third  (2019) edition of Naked Economics by Charles Wheelan, Wheelan discusses…

A: When talking about labor economics, minimum wage policy also known as price floor

Q: The legislature in a state in the South passes strong "right-to-work" laws that make it very…

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: Many professional sports teams operate under a salary cap. This means that teams typically have a…

A: Given:- Salary cap of $100 million $70 million already committed to player salaries Available…

Q: Which of the following is the most likely result of an increase in the minimum wage? a. a decrease…

A: In minimum wage law, there is a minimum wage that needs to be paid to the laborers, it is generally…

Q: Explain the impact of Minimum wage laws on the labor supply, and provide statistical data for the…

A: The law of demand applies in labor markets thusly: A more significant payor wage-that is, a greater…

Q: Why we should know about the issue of the impact of the minimum wage of the labor market?

A: The lowest remuneration level that employers could be paying their employees legally and is…

Q: Discuss the type of price control that a government would implement if it wishes to impose a…

A: Maximise social welfare is the government aim so the government interfere in the market. If the…

Q: does imposing a living wage have the same outcome as a minimum wage?

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

Q: The minimum wage is often offered as a possible way to address the income gap. There is, however, a…

A: Minimum wage is the lowest wage below which an employee cannot hire workers.

Q: Analyze the pros and cons of raising the minimum wage. What position do you support for our economy…

A: Minimum wage - A minimum wage that firms are bound to pay and they can't pay less than minimum wage…

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

A:

Q: Discuss how minimum wage, one of the most popular price floors, specifically affects the labor…

A: A minimum wage is the lower limit on the wage rate that is implemented by the government.

Q: statements

A: In a competitive market, Adam Smith, the 18th-century economist who developed modern economics, used…

Q: According to the Heritage Foundation report, what are two possible negative effects of an increase…

A: 1) With an increase in minimum wage to 15$, less skilled people will be the worst hit, as with an…

Q: Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply…

A: Unemployment is a condition where, people who are a capable part of the labor force, are trying to…

Q: Under what circumstances would a minimum wage be a nonbinding price floor? Under what circumstances…

A: A price floor is defined as a government-imposed price control or a limit imposed by the government…

Q: Explain the impact of Minimum wage laws on the labor supply, including every important topic under…

A: Minimum wage is basically the lowest rate at which labor may be hired, as determined by collective…

Q: Consider the labor market. Draw a graph

A: Labor market is a supply and demand of workers, in which employees provide the supply and employers…

Q: If the minimum wage is set below the equilibrium wage rate, then the following will hold true: A)…

A: Minimum wage is definer as the least amount of wages that the producers have to pay to the workers…

Q: Name two ways real minimum-wage earners are different from people’s stereotype of minimum- wage…

A: We are going to differentiate the Real wage earner and Stereotype wage earner to answer this…

Q: Do you think President Biden's Executive Order on the minimum wage will help or hurt the economy?…

A: According to this order, Workers are bounded to get minimum wages. In Obama-Biden(2014), Executive…

Q: List and explain all possible impacts of minimum wage

A: Wage(w)- It is the compensation (in terms of money) given to a person(labor who is providing…

Q: What is the link between marginal revenue product and wages?  Does this notion of marginal revenue…

A: Minimum wage laws are the laws formed by the government of a nation which direct employers to…

Q: How do more recent empirical studies compare with earlier studies in terms of methodology? a.…

A: In the United States, economists use different studies with the changing time period to improve the…

Q: Minimum wage is an example of what kind of economic

A: Minimum wage means the minimum amount of wage/remuneration that an employer is required to pay to…

Q: From time to time, Congress has raised the minimum wage. Some people suggested that a government…

A: LS=10w LD=90-10w

Q: Give reasons why there should be no minimum wage laws

A: Minimum wages are defined as the minimum amount of remuneration required by an employer to pay wage…

Q: Consider the information below on the labor market in a given country.   Wage Rate/Hour Quantity…

A: At equilibrium, quantity demanded of labor is equal to quantity supplied of labor.

Q: The minimum wage is set above the equilibrium wage rate. Does the minimum wage create inefficiency?

A: Since you have posted multiple questions, we will answer the first question for you. If you want any…

Q: Twenty-nine states and the District of Columbia have a state minimum wage higher than the federal…

A: There is a proposal  to double the wage in an hour. the rise would be phased in over several years.…

Q: Consider the labor market. Draw a graph illustrating an effective minimum wage in the labor market.…

A: The labor market, otherwise called the work market, alludes to the stock of and interest for labor,…

Q: Research at the University of Washington concluded that when Seattle raised its minimum wage, the…

A: Minimum Wage: Minimum wage is the wage control set by the government to ensure higher income of…

Q: Are minimum wage laws efficient? Why or why not?

A: Minimum wage law: When the government or its institutions made it mandatory in the eyes of the law…

Q: Is the minimum wage a good policy? Should the government increase the minimum wage or maintain it at…

A: Minimum wage is the lowest wage below which an employee cannot hire workers.

Q: The most prominent example of a price floor in industrialized market economies is a minimum (or…

A: Minimum wage means that an employer cannot give a wage(w) lesser than a fixed wage(w*). Price floor…

Q: On the basis of the Diagram 1 below, the minimum wage laws are good for economic wellbeing.  State…

A: Economic social well being :This is defined as the 'ability to create a virtuous circle in which…

Q: How does the amount of employment created by an increase in the minimum wage depend on the…

A: The elasticity of labor demand measures the responsiveness of labor demand to change in wages.  If…

Q: The table gives the demand and supply of teenage labor. Wage rate (dollars Quantity demanded…

A: What a person values an economic good at is determined by how much benefit they gain from it. A…

Q: Compare the three labor market graphs below, representing the supply and demand of low-skilled…

A: Here, We can see that the Equilibrium wage for low skilled labor market is $8 per hour, while that…

Q: An effective minimum wage imposes a price ceiling on the wages of various categories of low-skill…

A: Minimum wages have been defined as “the minimum amount of remuneration that an employer is required…

Q: How would imposing a minimum wage below the market-clearing wage affect employment in a competitive…

A: Minimum wage is an example of a price floor.  The price floor is a regulated price that prevents the…

Q: What other information might the government find useful in assessing the minimum wage given its…

A: Introduction: According to federal law, a salary is that the lowest rate per hour that an employee…