What is the economic impact of minimum wages on the market equilibrium for emplo
ID: 1150877 • Letter: W
Question
What is the economic impact of minimum wages on the market equilibrium for employment ? What happens when wages demanded exceed those that companies are willing to pay? What happens when companies pay more than an anticipated for a position? What is the economic impact of minimum wages on the market equilibrium for employment ? What happens when wages demanded exceed those that companies are willing to pay? What happens when companies pay more than an anticipated for a position? What is the economic impact of minimum wages on the market equilibrium for employment ? What happens when wages demanded exceed those that companies are willing to pay? What happens when companies pay more than an anticipated for a position?Explanation / Answer
Ans
Equilbrium level of employment decreases.
Demand for labour is less than supply and there is unemployment
Supply of labour rises more than demand
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