Many government programs have noble intentions that are popular with most citizens, but the study of...

Many government programs have noble intentions that are popular with most citizens, but the study of economics includes analyzing the actual outcomes or results of such programs/policies. In light of this, what are the expected economic outcomes, based on the laws of supply and demand, when the government establishes a minimum wage (floor) that is higher than the market equilibrium rate? Why?

Expert Solution

1. Many government programs have noble intentions that are popular with most citizens, but the study of economics includes analyzing the actual outcomes or results of such programs/policies. In light of this, what are the expected economic outcomes, based on the laws of supply and demand, when the government establishes a minimum wage (floor) that is higher than the market equilibrium rate? Why?

Answer -

See if Minimum Wages increases than the Set Market Equilibrium rate then it impacts like it Create Gap between labour quantity and Firm labour demand, if wages higher than the Market Equilibrium rate then firm need more workers and more outcomes, but due to less supply it create gap, cause within immediate time supply of labour can’t be fulfilled and it impact on outcome., it regarding firm as per economic demand and supply rule,

Then question arise why? Government do it, if they know about this Gap, and low Outcomes. Government do it cause if Minimum Wages increase as Higher wages above Set Market Equilibrium rate then exiting labour incomes increase which automatically increase household income and after increase Household incomes of labour or increase GNI per capita, it help to increase Economy of counties, and cause of that Government do this,

Rahul Sunny answered 2 years ago

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