Not deciding yet Essay Example | Topics and Well Written Essays - 500 words

Not deciding yet - Essay ExampleIn sepa step words, we can too say that the gradual increase in the minimum wage rate volition show relatively negative values of the economic consumption rate in the US labor market. The level best wage rate allow for result into the highest negative value of the employment rate. These statistics argon shown in the search study conducted by the Federal Department, which was conducted to check the implications of the proposal of increase in the minimum wage rate maximum up to $ 9 10 / hour.In teddy of a perfect competition in the market among different firms, all the resources are equally available to all the possible market players. The firms are facing a neck-to-neck competition between each separate competitive firm. In this situation, every finding should be taken very carefully because the firm managers will have to compete with many other game players also. Therefore, according to my opinion an increase in the minimum wage rate in case of a perfect competitive market will cause a decrease in the employment rate of that particular labor market. Because if any State or Government is increasing the wage place then firms or the employers still have other options available to hire the cheap labor from where it is available. In case of a monopolistic competition, all the firms have individual products and services they are not competing presently with each other just because of the reason that their products are not exactly substitute to each other. In case of a monopolistic competitive market, the increase the minimum wage rate may also cause an increase in the employment rate just because of the reason that every firm will require certain skills and expertise for their production. They cannot hire any available labor if they are cheap as compare to the home market. The products and services of the firms are not similar to each other on that pointfore there will be certain set of skills, which is required by any ma nager of the firm. Therefore, we can foretell that in case of a