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Raising the minimum wage would increase the price of consumer goods. Why would businesses increase p

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2024-10-30 464

ȸ¿ø´ÔÀÇ ¿µÀÛ¹®

If the minimum wage rises, the price people can afford increases and it leads to more demand for each goods.
As a rule of supply and demand, the price will be higher if there are more people need things.
Everything which become rare would put up the price.
The businesses already know that and adapt it to the price.

°­»ç´ÔÀÇ Ã·»è±³Á¤ ³»¿ë

Hey, Ms. Anna! You make some excellent points! It¡¯s really interesting how the rise in minimum wage can affect prices and demand. I love how you connected the dots between supply and demand. Keep up the great work!
~T. Jenna

If the minimum wage rises, the price people can afford increases and it leads to more demand for each goods.
Correct, or
>>Should the minimum wage experience an increase, the prices that individuals can afford will rise, consequently generating heightened demand for each type of good.
As a rule of supply and demand, the price will be higher if there are more people need things.
>>As a rule of supply and demand, the price will be higher if there are more people needing goods.
OR
>>As the dynamics of supply and demand suggest, an uptick in the number of buyers in search of goods will naturally drive prices higher.
Everything which become rare would put up the price.
>>Everything that becomes rare will drive up the price.
The businesses already know that and adapt it to the price.
>>Businesses already know this and adapt their prices accordingly.
OR
>>Businesses are aware of this phenomenon and strategically adjust their pricing models accordingly.
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