Using a supply-demand diagram, show the impact of a minimum wage imposed above the equilibrium wage. (Hint: Use the diagram to show those who are helped by the minimum wage and those who are hurt by the minimum wage)

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Q: 4. Minimum wage legislation The following graph gives the labor market for the fast-food industry of…

A: The labour market is a high priority in both micro and macroeconomics because it has the possibility…

Q: 5. Should all professors be paid the same? The following graphs show the supply of and demand for…

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Q: use of a graph how is an increase in minimum wage shown?

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A: Minimum wage is a price floor that sets the minimum limit on the price level.

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A: Equilibrium is achieved at the output level where Qs equals Qd.