In BC the minimum wage is set at $15.20/hour, this has in the past resulted in an excess supply of labour of 15 million hours. Now fast forward to 2021, the BC economy is experiencing a severe labour shortage due to the pandemic and businesses are having to raise wages to $18.00/hour to attract employees. What will happen to wages and employment? Please include a graph to along with your explanation of the current employment situation.

In BC the minimum wage is set at $15.20/hour, this has in the past resulted in an excess supply of labour of 15 million hours. Now fast forward to 2021, the BC economy is experiencing a severe labour shortage due to the pandemic and businesses are having to raise wages to $18.00/hour to attract employees. What will happen to wages and employment? Please include a graph to along with your explanation of the current employment situation.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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