By asking for higher wages, the impact of labor unions A. The quantity demand for labor...
By asking for higher wages, the impact of labor unions
A. The quantity demand for labor increases
B. The quantity demanded for labor decreases
C. The supply of labor decreases
D. The supply of labor increases
Homework Answers
So when the price floor is set above the equilibrium price, only then it is effective but when it is set either below the equilibrium price or at the equilibrium price, then it will be ineffective. So there will be no unintended inventory and market gets cleared.
The minimum wage law is an example of price floor.
Argument against minimum wage;
So with minimum wage laws, those who are skilled, they will remain in job but low skilled workers will be fired. Hence some worker will be better off and some will be worse off.
Minimum wage also makes employers worse off because they have to pay higher wages to the workers due to the minimum wage law.
Hence it can be said that by asking for higher wages, the impact of labor unions the quantity demanded for labor decreases.
Hence option B is the correct answer.
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By asking for higher wages, the impact of labor unions
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