Question

With a minimum wage in place, are workers who have jobs with this skill being paid more or less than they would have been at equilibrium

Answer 1

I would say less, I am positive about this.

Answer 2

A minimum wage is usually set above the equilibrium price (otherwise, there would be no need to set one). This means that workers who have a particular skill will be paid more if hired than they would have been at equilibrium. However, the rise in salary means that businesses most likely will not be able to afford the same number of employees. Therefore, while the salary for employed workers might rise, unemployment might rise with it.