contestada

If the market equilibrium wage for entry-level fast-food workers is $10 an hour, while the minimum wage is $8, what impact does the minimum wage have in this industry?

Respuesta :

market equilibrium wage for entry-level fast-food workers = $10 per hour
minimum wage = $8 per hour
impact does the minimum wage have in this industry = ?
whatever the minimum wage will be, it will have no effect on this market. The condition when labor market is in equilibrium is when supply equals demand.
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