Increasing minimum wage result in decrease in employment
Under what elasticity conditions would the following be true: "Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage"?
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Qs= 80,000 + 5,000P, where Qs is the quantity of widgets supplied per month and P is the price of a widget. What is the new equilibrium price and output in the short run for both the industry and each firm?
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