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In a perfectly competitive labor market, an increase in an effective minimum wage will result in
(A) an increase in the supply of workers
(B) a decrease in the supply of workers
(C) a decrease in the demand for workers
(D) more workers being hired
(E) fewer workers being hired

$13$ . In a perfectly competitive labor market, an increase in an effective minimum wage will result in $\newline$ (A) an increase in the supply of workers $\newline$ (B) a decrease in the supply of workers $\newline$ (C) a decrease in the demand for workers $\newline$ (D) more workers being hired $\newline$ (E) fewer workers being hired

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Experimental probability

Full solution

Q.

13

. In a perfectly competitive labor market, an increase in an effective minimum wage will result in

\newline

(A) an increase in the supply of workers

\newline

(B) a decrease in the supply of workers

\newline

(C) a decrease in the demand for workers

\newline

(D) more workers being hired

\newline

(E) fewer workers being hired

Understand Market Concept: Step $1$ : Understand the concept of a perfectly competitive labor market. In such a market, firms are price takers and can hire as many workers as they need at the market wage. An increase in the minimum wage sets a new, higher floor for wages.
Analyze Supply Impact: Step $2$ : Analyze the impact on the supply of workers. The supply of workers typically refers to the willingness and ability of workers to work at given wage rates. An increase in minimum wage makes working more attractive due to higher pay, potentially increasing the supply. However, this question is about the immediate effect on the labor market, not the supply of workers.
Consider Firm Demand: Step $3$ : Consider the demand for workers by firms. If the minimum wage is increased, it costs more for firms to hire each worker. This generally leads to a decrease in the demand for workers because firms may not afford to hire as many workers as before at the higher wage.
Determine Employment Effect: Step $4$ : Determine the effect on employment. With a decrease in demand for workers and no immediate change in the number of workers firms are willing to hire at the higher wage, fewer workers will be hired. This is because the higher wage exceeds what some firms are willing to pay for the current labor productivity, leading to layoffs or reduced hiring.

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