Several states have set the minimum wage in their stateshigher than the federal minimum wage. If doing so places them at a competitivedisadvantage for new business this might be counterproductive. On the otherhand, the minimum wage is typically relevant only in low-paid service jobs.
Whomakes the minimum wage in your community?
Wouldyour community be better off with a higher minimum wage?
Oneof the principal opponents to minimum-wage increases is the umbrellaorganization for small business. Many states with higher minimum wages than thefederal level exempt businesses with few employees. Should small businesses beexempt from minimum-wage laws?
Imaginean owner of a firm is thinking about raising prices. Describe the consequencesof doing so as a monopolist, oligopolist, monopolistic competitor, and perfectcompetitor.
Think about This: Oneof the concerns about Walmarts entry into the grocery business in the latterpart of the 1990s was that it would set low prices, drive little stores out ofbusiness, and then raise prices to monopoly levels when it had no competition.Can you explain why it has not happened ?
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