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1. a. Identify and explain 3 major characteristics of labour market-clearing equilibrium. b. Explain what happens in the labour market after the minimum wage is

a. Identify and explain 3 major characteristics of labour market-clearing equilibrium.

b. Explain what happens in the labour market after the minimum wage is imposed in the labour market?

c. What happens to the prices in the economy and why?

d. Given the adverse impact of the minimum wage, in your opinion, should the minimum wage be abolished? Identifying 2 reasons.

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