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- If the federal minimum wage is raised to $20 per hour, how might that effect the labor market in the U.S.?Which of the following is not correct? In a labor market, the wage adjusts to balance the supply and demand for labor. A profit-maximizing firm hires workers so long as the wage rate exceeds the value of the marginal product of labor. Any event that changes the supply or demand for labor must change the equilibrium wage. Any event that changes the supply or demand for labor must change the value of the marginal product.If the federal minimum wage is raised to $20 per hour in Wisconsin, how might that effect the labor market in the U.S.?
- Discuss the impact of minimum wage laws on labour supply?Draw a picture of the backward bending supply curve. Make it your individual supply curve with wages you would accept and the time you would be willing to work and attach at least five points that connect together to make a curve.Do minimum wages increase the unemployment rate of less-skilled workers?
