Under what elasticity conditions would the following be true?
“Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage.”
The market for gasoline has changed in a couple of significant ways over the last few years: new technologies have decreased the costs associated with producing gasoline, and automobiles are becoming more fuel-efficient. Describe how these changes affect the supply of and demand for gasoline. What is the overall effect on equilibrium price?
The answers need to be at least 125 words apiece