A country has changed its labor laws and decreased the minimum age of working from 18...
A country has changed its labor laws and decreased the minimum age of working from 18 years to 16 years. What is the effect of this change on equilibrium wages?
Homework Answers
Answer : If minimum working age decrease from 18 years to 16 years then the labor supply will increase in the labor market. As a result, the labor supply curve shift to rightward. For this reason the equilibrium wage rate will fall. Therefore, due to decrease in minimum working age the equilibrium wage rate decrease.
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A country has changed its labor laws and decreased the minimum
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