Minimum wage If minimum wage is lower from whatever it is right now to $1 per hour, will there be more people working, less people working, or same number of people working? Why? Show your work in graph as well.
Lecture: Price control (price ceiling and price floor)
Lecture: what is non-binding price ceiling
Lecture: non-binding price floor due to a reduce in supply
(Hint: homework is about non-binding price floor with no shift in demand or supply curve)