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When a Minimum-Wage Law Forces the Wage to Remain Above

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When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the quantity of labor supplied is higher and the quantity demanded of labor is lower than at the equilibrium wage.


Definitions:

Learned Helplessness

is a condition in which a person suffers from a sense of powerlessness, arising from a traumatic event or persistent failure to succeed.

Locus of Control

Locus of control is a psychological concept that refers to how strongly individuals believe they have control over the situations and experiences that affect their lives.

Intergenerational Abuse

Patterns of abusive behavior that are passed down from one generation to the next within a family or community.

Stereotype

A widely held but fixed and oversimplified image or idea of a particular type of person or thing, often based on limited information or false assumptions.

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