(Figure: Wage Subsidy) Consider the use of wage subsidiesversus the minimum wage. Employment with a wage subsidy is:________, versus employment with an $8 minimum wage is:________.
Definitions:
Minimum Efficient Scale
Minimum efficient scale represents the smallest amount of production a company can achieve while still taking full advantage of economies of scale in terms of costs per unit.
Industry
A group of companies that produce similar products or services and compete in the same market.
Diseconomies of Scale
Increases in cost per unit when output increases, resulting from factors such as management challenges, inefficiencies, and communication problems as firms grow larger.
Large-Scale Business
An enterprise or organization that operates on a significant scale, typically involving extensive operations, large numbers of employees, or substantial revenue.
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