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24 August, 19:17

If the market equilibrium wage for entry-level fast-food workers is $10 an hour, while the minimum wage is $8, what impact does the minimum wage have in this industry?

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  1. 24 August, 19:26
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    market equilibrium wage for entry-level fast-food workers = $10 per hour

    minimum wage = $8 per hour

    impact does the minimum wage have in this industry = ?

    whatever the minimum wage will be, it will have no effect on this market. The condition when labor market is in equilibrium is when supply equals demand.
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