Economic theory supports the view that increasing the minimum wage will

a. decrease the employment of teenagers.

b. decrease the employment of unionized labor.

c. increase the number of monopsony firms.

d. increase the employment of teenagers.

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Tod ThielLv2

17 Dec 2019

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Explain how the introduction of a union will affect total employment under each of the following conditions.

A) a perfectly competitive labor market with all firms becoming unionized.

B) a perfectly competitive labor market with some, but not all firms, becoming unionized.

C) a monopsony market.

Economic theory unambiguously predicts that total employment will be reduced when an effective minimum wage law is introduced:

A. in a monopsony labor market.

B. in a perfectly competitive labor market if all workers in this market are covered by the minimum wage law.

C. in a perfectly competitive market, even if some workers and firms are not covered by the minimum wage law.

D. under no circumstances.

Economic theory unambiguously predicts that total employment will be reduced when an effective minimum wage law is introduced:

	A.	in a monopsony labor market.
	B.	in a perfectly competitive labor market if all workers in this market are covered by the minimum wage law.
	C.	in a perfectly competitive market, even if some workers and firms are not covered by the minimum wage law.
	D.	under no circumstances