Final answer:
An increase in the minimum wage can cause a conflict of goals and can result in wasteful increases in the quality of workers. Minimum-wage workers are like airplane trips in the sense that an increase in the minimum wage can lead to higher quality workers being retained or hired, similar to how higher ticket prices can lead to higher quality airline trips. However, just as higher ticket prices can also result in some people being unable to afford flying, a higher minimum wage can lead to job losses or reduced work hours for low-skilled workers.
Step-by-step explanation:
An increase in the minimum wage can cause a conflict of goals and can result in wasteful increases in the quality of workers. When the minimum wage is increased, it can lead employers to invest in labor-saving technologies or reduce their workforce to offset the increased costs. This can result in a higher quality of workers being retained or hired, but it can also lead to job losses or a reduction in hours for low-skilled workers.
Minimum-wage workers are like airplane trips in the sense that an increase in the minimum wage can lead to higher quality workers being retained or hired, similar to how higher ticket prices can lead to higher quality airline trips. However, just as higher ticket prices can also result in some people being unable to afford flying, a higher minimum wage can lead to job losses or reduced work hours for low-skilled workers who may become less employable as employers try to offset the increased costs.