How can minimum wage laws reduce the long by Dr. Robert Murphy @Mises

Question 4 / 49: *How can minimum wage laws reduce the long-run demand (not just short-run quantity demanded) for labor?

Answer:

Business owners may respond to a minimum wage law by buying more machines and redesigning their workplaces to operate

with a fewer number of higher-skilled employees. Once businesses have adapted in this fashion, the demand curve for

labor will have shifted to the left, because even at the original wage level, businesses would now demand a lower quantity.

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https://www.jobilize.com/interventionism-the-mixed-economy-by-dr-robert-murphy-mises

Interventionism: The Mixed Economy

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Dr.Robert MurphyAssociated Scholar

Mises Institute

USA

Attribution: Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY

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