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    Minimum Wages

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    Recently, the House of Representatives passed legislation to increase the minimum wage in the nation from $5.15 to $7.50. What are the pros and cons of this proposal? Provide an analysis based on the demand and supply of labor.

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    https://brainmass.com/economics/pricing-output-decisions/pros-cons-raising-minimum-wages-603739

    Solution Preview

    Question: Recently, the House of Representatives passed legislation to increase the minimum wage in th nation from $5.15 to $7.50. What are the pros and cons of this proposal? Provide an analysis based on the demand and supply of labor.

    Step 1: Pros of Raising Minimum Wages

    The pros of increasing the minimum wages are that higher wages provide economic stimulus as workers have more money to spend. It also means that opportunities for jobs will increase; there will also be less expenses for social programs, lower employee turnover, and higher ...

    Solution Summary

    This posting gives you a step-by-step explanation of supply and demand of labor. The solution is divided into two sections, each describing the pros and cons of raising minimum rages. The response is given in 285 words and contains 4 references.

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