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Social Science Clinic => Economics => Microeconomics => Topic started by: Arii_bell on Jul 21, 2019

Title: Evaluate the statement: All minimum wage workers will be better off if the minimum wage rises.
Post by: Arii_bell on Jul 21, 2019

Evaluate the statement: All minimum wage workers will be better off if the minimum wage rises.

Title: Evaluate the statement: All minimum wage workers will be better off if the minimum wage rises.
Post by: Sweetkitty24130 on Jul 21, 2019

This is probably incorrect. The minimum wage workers who keep their jobs will be better off. But if the labor demand curve is downward sloping (and it most likely is for minimum wage workers), some workers will lose their jobs. And everyone (including the workers) will pay more for the goods and services produced by minimum wage workers.