Are teenagers better off when a higher minimum wage enables some to earn higher wages but causes others to lose their jobs?  Explain.  Do you agree or disagree with minimum wage?  Why?

Using an appropriate illustration explain the impact of the minimum wage in the labour market

What happens to the supply curve for labor (shifts to the right/left or stays the same) in the following situations: a) On factory workers: Factory workers’ union negotiated a lower standard work rule, where their minimum number of shirts produced be 60 shirts per day instead 100 shirts per day. b) On airline pilots: After the deregulation of the airlines, nonunion airlines increased their market share by 30 percent. c) On medical doctors:The state of Maharlika began to allow nurses to assume more of physicians’ responsibilities. d) On Wakandan Uranium miners: China agreed to limit its exports of Uranium to Wakanda

Explain the challenges of an increasing minimum wage for an economy

An effective minimum wage imposes a price ceiling on the wages of various categories of low-skill workers. increases the demand for low-skill workers. makes it easier for low skill workers to find jobs. O increases the earnings of some low-skill workers while reducing the employment and training opportunities available to others.

$30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a week increase, but employers argued that a $35 a week. increase was unaffordable. Source: ABC Australia, February 11, 2011 The graph shows a market for low-skilled labor. If the minimum wage is set at $570 a week, If the minimum wage is set at $540 a week, OA. some people who want a job can't get one; everyone who wants a job has one B. firms cannot hire all the labor they want; everyone who wants a job has one OC. everyone who wants a job has one; firms cannot hire all the labor they want OD. everyone who wants a job has one; some people who want a job can't get one 590- 580- 570- 560- 550 540- 530- 520- 510+ 9.8 Wage rate (dollars per week) A D 9.9 10.1 10 Quantity (millions of hours per year) S 10.2 Next Q Q G

The City of Despair sets a minimum wage of $8 when the market rate for fast food workers is $10. What happens? nothing happens the market for workers is cleared there is an excess supply of workers at $10 there is an excess demand for workers at $10

Name two characteristics typical of people who earn the minimum wage

Explain the impact that supply and demand have on pricing. Include how supply and demand is influenced by the labor market and the role of the labor union. Also, compare and contrast the impact different types of market structures have on supply and demand.

If the minimum wage is set below the equilibrium wage, 1. It has no effect on the market 2. has more effect than necessary in the market 3. its effect is equal to that of the market 4. has less effect than necessary on the market