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What does our economic theory predict will be the impact of the government setting a minimum wage? Draw the labor market for unskilled workers in
What does our economic theory predict will be the impact of the government setting a minimum wage? Draw the labor market for unskilled workers in initial equilibrium. Suppose the equilibrium wage is $14/hour. Now suppose the government sets a minimum wage of $16/hour. What do you predict will happen? Hint: DRAW A GRAPH Choice 1 of 3:the labor market will be in equilibrium Choice 2 of 3:a surplus of labor Choice 3 of 3:a shortage of labor
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Principles of Economics
Authors: Fred M. Gottheil
7th edition
978-1133962069, 9781285064444, 1133962068, 1285064445, 978-1285064437
