The minimum wage was increased in 1996 amid cries by many ec

Homework Assistance Economics The minimum wage was increased in 1996 amid cries by many ec

Economics

The minimum wage was increased in 1996 amid cries by many ec

The minimum wage was increased in 1996 amid cries by many economists that it would cause unemploymen… Show more The minimum wage was increased in 1996 amid cries by many economists that it would cause unemployment. Critics pointed out that the last time the minimum wage went up the same dire predictions from economists were made, but more people were employed after the minimum wage increase. The same, they argued, would occur again. How it may be possible for increases in the minimum wage to have little impact on employment levels. Please explain using the following concepts: a) long-run versus short-run; b) fixed inputs; and c) increase demand/output • Show less

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