From an economic standpoint, evaluate the effect of a minimum wage on the market for low-wage labor. Include the following:
- Discuss what economic theory predicts will happen
- Draw a supply and demand graph illustrating the effect of a minimum wage
- Discuss what elasticity conditions would economic theory prove to be true or false.
Adhere to the following standards:
- Your paper should be three to five pages in length, not including the title or references pages.
- Review the grading rubric.
- Incorporate at least three scholarly references