Asked by Susana Contreras on Apr 24, 2024
Critics of the minimum wage contend that higher minimums cause employers to move up their labor demand curves, reducing employment of low-wage workers.
Labor Demand Curves
Illustrates the relationship between the wage rate and the quantity of labor that employers are willing to hire, showcasing how changes in wages can affect employment levels.
Minimum Wage
The lowest legally permissible amount that workers can be paid by employers, usually set by government policy.
- Become aware of the effect of labor unions on labor market conditions and wage scales.
Learning Objectives
- Become aware of the effect of labor unions on labor market conditions and wage scales.