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Explanation of Minimum Wage Through Economics
This was actually a short answer question from my economics test which asked me to explain in a short paragraph how minimum wage reflects the application of "supply and demand" to the real worl economy of Canada.
This application of supply and demand to the real world economy of Canada is by showing that as the pay rates go up, the supply of citizens willing and able to work for the job or position available will increase while the demand or number of positions available for the job will be limited. The equilibrium price is the wage in which there are just enough people willing to work a…
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