The increase in the minimum wage in the economy would cause employers to increase charges that they give to consumers by about 4 percent.
What is the impact of minimum wage on goods?
When minimum wage is raised in the economy, it means that the employers of labor would have to pay more operational cost for labor.
The effect that this would have on goods is that the people that consume the goods would have to pay extra for them.
Based on research, an increase in minimum wage raises prices by 4 percent in the economy.
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