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Minimum wage laws for graduates students

Casual surveys of students at the starting of each semester reveal an amused although overwhelming maintain for a proposal to increase the legal minimum wages of graduates from college to $50,000 yearly. They supposed our proposal was facetious. But after covering all ideas, student support for this thought evaporated. So, how might such a minimum wage law be complicated to most new college graduates?

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Suppose that the law of demand holds for new college graduates in the labor market, the quantity demanded of labor and therefore jobs would differ inversely along with the wage rate. The beginning pay for those employed would be impressive although the number employed would probably be low.

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