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Economics
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Suppose there is a labor market with a binding minimum wage. With the help of a diagram, show the following.
a. quantity of labor demanded
b. quantity of labor supplied
c. excess labor
d. impact of an increase in the minimum wage.

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Yusra Anees
Yusra AneesLv10
7 Apr 2021

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Related questions

If the minimum wage exceeds the equilibrium wage, then:

A. the quantity demanded of labor will exceed the quantity supplied.

B. the quantity supplied of labor will exceed the quantity demanded.

C. the minimum wage will not be binding.

D. there will be no unemployment.

If the minimum wage exceeds the equilibrium wage, then

a. the quantity demanded of labor will exceed the quantity supplied.

b. the quantity supplied of labor will exceed the quantity demanded.

c. the minimum wage will not be binding.

d. there will be no unemployment.

The effect of a legal minimum wage set above the equilibrium wage rate is:

a. a decrease in the quantity of labor supplied

b. an excess quantity of labor demanded

c. an increase in the quantity of labor demanded

d. an excess quantity of labor supplied

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