Question 31 2 pts \"Where most economists agree is that the higher minimum wage

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Question 31 2 pts "Where most economists agree is that the higher minimum wage does not do much to relieve poverty." The Economist This agreement among economists is best supported by the fact that: Unemployment rates for teenage women are lower than those for teenage men. Minimum wage increases are usually matched by increases in the EITC (Earned Income Tax Credit) Minimum wages do not affect labor markets when the economy is growing. Minimum wage laws by their design cannot distinguish between rich and poor workers.

Explanation / Answer

"Minimum wage laws by their design cannot distinguish between rich and poor workers"

Minimum wage law will increase the wages and the firm will hire less. increasing the unemployment in the market. It will affect the workers as the unemployment will increase. It will affect both the rich and poor labors equally. Poor will not get any benefit out of the law.

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