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?
a. The minimum wage motivates more fast-food workers to seek jobs.
b. The minimum wage has no effect in this market.
c. The minimum wage encourages fast-food companies to hire fewer workers.
d. The minimum wage increases unemployment among fast-food workers.

Respuesta :

Manetho

Answer:

The minimum wage has no effect in this market

Explanation:

market equilibrium wage for entry-level fast-food workers = $10 per hourminimum wage = $8 per hour

impact does the minimum wage have in this industry is

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.

Hence, The minimum wage has no effect in this market.

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