Principles of Macroeconomics Study Set 2
Quiz 6: Supply, Demand, and Government Policies
A Binding Minimum Wage Raises the Incomes of Some Workers
A binding minimum wage raises the incomes of some workers, but it lowers the incomes of workers who cannot find jobs.
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The impact of the minimum wage depends on the skill and experience of the worker.
Workers with high skills and much experience are not typically affected by the minimum wage.
The minimum wage has its greatest impact on the market for teenage labor.
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