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Pros And Cons Of Equilibrium Wage

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Pros And Cons Of Equilibrium Wage
if the minimum wage is increased, the businesses will have to pay higher than the equilibrium wage. If that price is set above the equilibrium price, then there will be a surplus. This means that businesses are able to produce more than consumers demand. On the other hand, if the price is set below the equilibrium price, then there will be what is known as a shortage. A shortage occurs when businesses end up producing less supply of the product than is demanded by the
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