Business cycles, supply and demand, price of labor, minimum wage law

Business cycles, supply and demand, price of labor, minimum wage law

  1. In economic terms, what are the market consequences of a price floor? Discuss the economic implications of implementing a legal minimum wage.
  2. What do the laws of supply and demand predict would be the result of an immediate removal of minimum wage in terms of the price of labor and the quantity available?
  3. Do you believe that the minimum wage should be raised in order to provide workers with a better standard of living? Why or Why not?
  4. Is the minimum wage law an effective poverty-fighting measure? Discuss at least one alternative policy.

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