If the minimum wage is set above the equilibrium wage, then you get more workers and less competition, but as the supply of labor increases, you don’t have to be competitive.

This is the idea of “scarcity.” In economics, it refers to the situation where a minimum wage is set above the equilibrium wage. This is because a higher minimum wage would mean less competition for employees. But the opposite happens too. If the minimum wage is set above the equilibrium wage, then the supply of workers and competition would increase. The result would be more employment and less competition.

If the minimum wage is set above the equilibrium wage, then fewer workers would be available, and there would be more competition. That is, if the minimum wage is set above the equilibrium wage, then labor supply would increase and the equilibrium wage would decrease.

The equilibrium wage is the “fair” wage, the amount of money workers are willing to pay for the least amount of work. If the minimum wage is set above the equilibrium wage and labor supply is increased, then the minimum wage increases too, and the equilibrium wage decreases. It follows that the minimum wage should be set above the equilibrium wage, and the minimum wage set below the equilibrium wage.

The minimum wage is a minimum wage, so even though it is above the equilibrium wage, it still has to be below the minimum wage in order to be a good minimum wage. The minimum wage should never be set above the equilibrium wage in any way. If it is, it will cause the equilibrium wage to decrease, and all the workers will have a higher income than they otherwise would.

If the minimum wage is set above the equilibrium wage, we can only raise the wage to the minimum wage, and then we can’t raise the wage below the equilibrium wage, because the wage will fall below the equilibrium wage, so we can’t get the minimum wage to fall below the equilibrium wage.

That said, the minimum wage has been increasing for some time and it would be a mistake to think it’s a “safe” amount. It’s not that the minimum wage is just a theoretical number. It’s the reality, and the reality is that we need to increase the minimum wage more. But its not just a theoretical number. Its not that the minimum wage is set above the equilibrium wage.

The minimum wage is the actual minimum for a live human being. When you look at the minimum wage for a live human being in the US, it’s very low, and the US is one of the lowest-wage countries in the world. So the argument that the minimum wage is set too high is a fallacy. Just because the minimum wage isn’t set high doesn’t mean the US is doing it wrong.

This is a good point. The minimum wage is an indicator of the wages of all workers in the US. But since it is set above the equilibrium wage, it implies that the US is doing the right thing.

The minimum wage is the wage that the US government sets in order to help low-wage workers get a living wage. The equilibrium wage is the wage that all workers in the US should be in order to make a living wage. When the minimum wage is above the equilibrium wage, it means that there is a surplus of workers in the US who are earning a living wage.

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Radhe

https://rubiconpress.org

Wow! I can't believe we finally got to meet in person. You probably remember me from class or an event, and that's why this profile is so interesting - it traces my journey from student-athlete at the University of California Davis into a successful entrepreneur with multiple ventures under her belt by age 25

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