an effective minimum wage is an example of a price in which the quantity decreases and the quantity increases compared to equilibrium levels.

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30-11-2022
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an effective minimum wage is an example of a price in which the quantity decreases and the quantity increases compared to equilibrium levels.

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kjuli1766 kjuli1766 · Answer 1 · 2022-12-03T17:42:22+01:00

An effective minimum wage is an example of a price floor in which the quantity falls decreases and the quantity increases rise compared to equilibrium levels.

The minimum wage above the equilibrium wage rate creates a labor surplus when the amount of labor supplied exceeds the amount of labor demanded. Minimum wages cut jobs and make them less than efficient. A salary above the balance offered by the company attracts a pool of more qualified applicants.

An increase in demand or a decrease in supply increases the equilibrium wage. A decrease in demand or an increase in supply leads to a decrease in equilibrium wages. Most economists agree that minimum wages above the market's liquidating equilibrium will lead to unemployment. But it's not clear what happens when it falls below the equilibrium wage.

Learn more about The equilibrium wage here:- https://brainly.com/question/28524649

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