17. Suppose government imposed a minimum wage above equilibrium wage. ( LO 7-3 ) a. Assuming nothing
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17. Suppose government imposed a minimum wage above equilibrium wage. ( LO 7-3 )
a. Assuming nothing else changes, what do you expect to happen to the resulting shortage of jobs as time progresses?
b. What do you expect to happen to the producer surplus transferred to minimum wage earners as time progresses?
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