can you explain it?

PART B (INDEPENDENT THINKING, REAL-WORLD APPLICATIONS AND REFLECTION) 5] (KEYQUESTION) Minimum Wages and Unions a. Assume an industry without legal minimum wages and unions. Show in a diagram how the equilibrium wage W* is determined, and briey explain all the concepts in the diagram. h. Now suppose a minimum wage, WMIN, is legislated at a level lower than W*, i.e. WMINW*. Show it in the diagram and explain what the labour market outcomes will be. (1. Now suppose a workers' union is created and successfully negotiates wage WUNION, which is above both W* and WMIN, i.e. WUN10N>WMIN>W*. Explain what the labour market outcomes will be compared to the previous part