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Suppose a state passes a minimum wage law that increases the minimum wage from $5/hour to $20/hour. The equilibrium wage prior to the minimum wage hike was $10/hour. Which is likely to result from increasing the minimum wage

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Parrain

As a result of the minimum wage hike to $20/hour, Some employers and workers will agree on a wage less than $20 and not report the wages to the government.

What happens when the minimum wage is higher than the equilibrium wage?

Employers would employ less people because they would be unable to pay the minimum wage demanded by the government.

In order to keep their jobs, some employees will make a deal with employers to pay them less than the minimum wage.

Find out more on minimum wage laws at https://brainly.com/question/14337883.

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