Final answer:
When the government enforces a minimum wage of $15, which is above the equilibrium wage of $8 for fast food restaurants, the likely outcome is that these restaurants will hire fewer people, as they may not afford the higher wage for all workers. Hence, the correct option is A.
Step-by-step explanation:
If the equilibrium wage for fast food restaurants is $8 and the government enforces a minimum wage of $15, the most likely outcome is that fast food restaurants will hire fewer people. According to economic theory and historical data, when the minimum wage is set above the equilibrium wage, it can lead to a surplus of labor, meaning that there are more people willing to work at that wage than there are jobs available. This is because employers may not be willing or able to afford the higher wage for all the workers they previously employed at the lower wage. In some cases, this could lead to increased workloads for existing employees, automation of tasks, or a reduction in hiring.
An increase in the minimum wage to $15 may benefit workers who are able to retain their jobs, as they would receive higher pay. However, for those who are unable to find work or who lose their current jobs due to reduced hiring, the increase does not improve their situation. It's important to recognize that while the intent of raising the minimum wage is to improve living standards for low-income workers, it can also have unintended consequences that potentially harm the very individuals it is meant to help. Therefore, the correct answer to the question is A. Fast food restaurants will hire fewer people.