00:01
Hello students, we are given a question here.
00:03
Imagine that minimum wage goes up to $20 per hour in your town.
00:09
How will this impact the people like suppliers of labor and the businesses in town like demanders of labor? we are asked that use at least two of the following terms in your answer, like a shift in supply, price flow, equilibrium or shift in demand.
00:26
So first of all, we are supposed to know that here.
00:28
A minimum wage is a price floor.
00:31
A minimum wage is a price floor.
00:41
Okay, students, price floor or a wage floor, which means that or a wage floor, wage floor, which means that which means that the wage minimum wage below the minimum wage, minimum wage can't be paid by death, the wage below.
01:12
Minimum wage can't be minimum wage...