• Card 11 / 53: Explain why minimum wage laws lead to higher unemployment rates.

    Answer:
    Minimum wage laws are set above the market-clearing level, meaning that the quantity of labor supplied by workers is higher than the quantity demanded by employers. This means some workers can't get hired, even though they want to work at prevailing wage rates. This is the typical definition of unemployment. Sample Partial Credit Answer Minimum wage laws make some workers too expensive to hire.

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Interventionism: The Mixed Economy

Access: Public Peer Review

Attribution:  Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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