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Responding to classmates discussion post below When the government imposes a price floor and the minimum wage is increased, the price floor becomes elastic to where theres a certain price to which can’t be any lower than the lowest price of goods. Price ceilings are effected as well and become elastic to where the prices of goods can be increased to a certain price but cannot be increased any more than that maximum price for those goods. Price elasticity of demand comes into perspective when the supplier has to meet a certain percentage to maintain equilibrium. If the Federal Government were to increase minimum wage to 15 dollars an hour, it would make the prices of goods increase and the quantity demanded would more than likely be decreased due to goods becoming more pricey. Because we live in a Monopolistic Country, the competition of Companies selling and advertising their products would have to now decide new prices for them and still make them affordable. Once the federal government sets price floors and ceilings, they must be applied to goods or if ignored can turn into a serious federal offense with imprisonment. More than likely the United States stock market would increase due to employers and employees making more money and being able to purchase goods at an increased prices. I feel this is unnecessary, because either way you look at it the higher the minimum wage the more the Government is going to tax you and everything including owning or renting a home is going to be more stressful. People think that just because they are making more money thats more money they can put aside for recreational and personal uses, but now that the market set new price ceilings and floors we are almost forced to pay more money for goods which empties wallets rather quickly. Honestly, 15 dollars an hour sounds too good to be true and I would rather just stick with the minimum wage that is set now to keep consumers and customers less stressed out.

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