Buy custom Minimum Wage Increase has a Maximum Impact
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| Topic: |
Business
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| Number of pages / Number of words: |
7 / 1874 |
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A survey of small businesses found that after a wage increase 28 percent raised prices, 26 percent postponed expansion plans, 14 percent terminated at least one employee, and 9 percent did two of the preceding. Many firms have also turned to automation to reduce the threat of wage increases (Hamond & Hogan)...
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Many firms have also turned to automation to reduce the threat of wage increases (Hamond & Hogan).
If minimum wage is raised, unemployment will grow. The reason for this is that the supply exceeds the demand. A wage is simply a special type of price, specifically the price of labor services. The most universally accepted application in economics is the Law of Demand...
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