Show the possible outcome of setting a minimum wage for under-eighteens.
Explaining and illustration of minimum wage - clearly set above market equilibrium
- outlining resulting enhance in unemployment
- commenting on how more experienced labour might be more demanded - suppose that the market labour rate is lower than the minimum price for under-eighteens
- showing increased demand for over-eighteens in a diagram
- Discussion on other possible side effects, like black market labour to avoid minimum wage
- Where employers could change the labour tax savings between themselves