With an annual production of 100,000 metric tons, steelworld inc., is one of the major producers of steel in its country. when the government of this country recently hiked the minimum wage for labor, the media predicted a considerable decline in national production. as one of the core industries in the economy, steel production was expected to be hit particularly badly. although the supply of steel by steelworld did decline, the fall was much lower than anticipated.
what is true, explain this phenomenon?