PLEASE HELP Create a graph to show the effect (shortage or surplus) of raising the minimum wage. Discuss why these issues do or do not affect your claim(My claim is that we should raise minimum wage). Include the appropriate labels for your graph such as: price quantity supply demand surplus or shortage

Demand and supply are the two important factors of the market that determines the economic activities as well as the production and distribution series of the firms.

Demand has an inverse relationship with price and price has a positive relationship with supply. When the price of the quantity goes high, the demand for the quantity decreases, and the supply increases with the increase in price.  

In the case of the laborers and the wage. The availability of the labor or the demand of the labor is more and the supply is less, the wages will be high and on the other hand, when the labor will be less demanded and the supply is more, the wages will be less. This is also the minimum higher wage policy of the firms.  

The graph has been attached below to analyze the surplus supply.  

To know more about the shortage or surplus, refer to the link below:

link

Raising the minimum wage has the effect of producing an excess supply of workers, because the wage is set at a price where supply of workers is higher than the demand of firms for hiring them, and since the wage is not allowed to go any lower, this excess supply remains unsolved.

This situation affects low-skilled workers in particular, and those who are not as productive to be paid the minimum wage, are essentially left out of the labor market.

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