Suppose that the equilibrium wage for teachers in Michigan is $15/hour. Also suppose that Michigan raises its minimum wage to $16/hour. Because the equilibrium wage for teachers is (a) lower than or higher than the new minimum wage, we would expect the number of teachers employed to (b) increase, decrease, or stay the same at the new minimum wage. There will be (c) a shortage, a surplus, or no change in the number of teachers.
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