Many people argue against increasing the minimum wage because they believe the result would be increased unemployment.Which of the following best summarizes this argument? A higher minimum wage would

Question

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The argument is that increasing the minimum wage would make labor more expensive for employers, leading them to hire fewer workers. This would result in a surplus of labor, with more workers available to work than there are employers willing to hire. This surplus of labor is represented by an increase in the quantity supplied of labor (more workers seeking employment) and a decrease in the quantity demanded of labor (fewer employers hiring). Therefore, the best choice is C, which describes this situation.

Many People Argue Against Increasing the Minimum Wage Because They