________ occurs when there is a surplus of labor in the market.
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2
Minimum wage laws
________ are most often touted as antipoverty policies.
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3
minimum wages
Because ________ benefit relatively few poor workers at the expense of other poor workers, businesses, and consumers, ________ do not reduce poverty and instead reduce overall social welfare.
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4
When state and federal minimum wages are different
workers are entitled to whichever minimum wage is higher.
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5
The decrease in supply will cause
an inward shift in the supply curve for the product, an increase in the equilibrium price of the product, and a decrease in the equilibrium quantity of the product sold.
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6
Although the minimum wage helps some workers by
increasing their incomes, the minimum wage hurts other members of society by generating unemployment, reduced profits, and higher prices.
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