Evaluate statements 1 and 2: 1. A minimum wage implemented in a perfectly competitive labor market will raise wages but lower the overall level of employment, assuming that the minimum wage is set above the market clearing wage. 2. In a monopsonistic labor market, a minimum wage set above the equilibrium wage can either decrease or increase the overall level of employment depending on how high the minimum wage is. Both statements are FALSE D Both statements are TRUE 1 is true and 2 is false 99+ OLOFCO LG