Final answer:
When the minimum wage is raised in a competitive market, some workers are better off and some are worse off. Raising the minimum wage can have positive effects for workers whose wages increase, but it can also lead to job losses for some workers. The impact of the policy change depends on the specific circumstances of the workers affected.
Step-by-step explanation:
When the minimum wage is raised in a competitive market, ceteris paribus, the answer is c. Some workers are better off and some are worse off.
Raising the minimum wage can have positive effects for workers whose wages increase, as they will have more income and potentially better living standards.
On the other hand, some workers may lose their jobs as businesses may need to cut costs or reduce their workforce due to higher labor costs. This can particularly affect workers in industries with low-profit margins or businesses that heavily rely on minimum wage workers.
Therefore, while some workers benefit from the increase in minimum wage, others may face negative consequences such as job loss. It is important to consider the specific circumstances and characteristics of the workers impacted by the policy change.