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You disregard the option of simply not doing business. If products and services become more expensive, demand tends to go down, so you end up at square one in t
by gridlockd 6y ago
You disregard the option of simply not doing business. If products and services become more expensive, demand tends to go down, so you end up at square one in terms of income. There is some wiggle room here and not all prices are elastic like that, but it's true in principle.
- rbg246 6y agoCorrect, so businesses that rely on exploiting minimum wage earners go out of business. Society needs to find a way to have people gainfully employed keeping the minimum wage at poverty levels is not a good choice.