If the market equilibrium wage for entry-level fast-food workers is $10 an hour, while the minimum wage is $8, what impact does the minimum wage have in this industry?

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asked Feb 18, 2018 134k views

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Piotr Nowicki · Answer 1 · 2018-02-21T21:02:15+0000

market equilibrium wage for entry-level fast-food workers = $10 per hour
minimum wage = $8 per hour
impact does the minimum wage have in this industry = ?
whatever the minimum wage will be, it will have no effect on this market. The condition when labor market is in equilibrium is when supply equals demand.

If the market equilibrium wage for entry-level fast-food workers is $10 an hour, while the minimum wage is $8, what impact does the minimum wage have in this industry?

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