# 5. (20 points) Chapter Thirteen Show graphically how an increase in the minimum wage might affect employment in (be sure to label everything carefully): n. n competitive labor market b. a labor market characterized by monopsony c. In words, explain which type of labor market is impacted more by the minimum wage in terms of worker conditions (unemployment, wages, ete.) and firm conditions (profits, wage cost, etc. )? Would it depend on elasticity of demand or supply? Explain