officalmarr825 officalmarr825

29-05-2024
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Question 1
Use your economic knowledge to answer the following questions about wages.
Part A
Why does a minimum wage exist?

Answer :

GinnyAnswer GinnyAnswer

29-05-2024

Final answer:

Minimum wage is set to ensure fair pay and potential income redistribution, impacting both workers' wages and firms' profits.

Explanation:

Minimum wage is set by governments to ensure workers are paid a fair wage and to potentially redistribute income in society. When a minimum wage is increased, it can reduce profits for firms due to higher labor costs, leading to potential impacts on employment levels.

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