KEY QUESTION) 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 briefly explain all the concepts in the diagram. b. 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.

KEY QUESTION) 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 briefly explain all the concepts in the diagram. b. 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.

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 7.15P

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