Question

A typical firm allocates a certain amount of money for payroll to cover labor. What could be the firm’s response to an increase in minimum wage?

hire more workers and lower their prices


hire fewer workers and lower their prices


lay off some workers and increase prices


lay off all workers and go out of business

Answer 1

it seems that you are also taking your economy exam, because I am too

Step-by-step explanation:

the answer would be to lay off some workers and increase price, the business would want to make money not lose any and the other options involve losing money, I hope you did well on your test