Question:
From an economic standpoint, evaluate the effect of a minimum wage on the market for low-wage labor. Include the following:
• Discuss what economic theory predicts will happen
• Draw a supply and demand graph illustrating the effect of a minimum wage
• Discuss what elasticity conditions would economic theory prove to be true or false.
Adhere to the following standards:
• Your paper should be three to five pages in length, not including the title or references pages. APA Format
• Your paper should include an introduction, a body with at least two fully developed paragraphs, and a conclusion.