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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Under what conditions will the minimum wage increase the number of people working?

To determine

Identify the conditions that when the minimum wage can increase the number of people working. 

Explanation

The collective bargaining of the labor unions fixed a minimum wage rate for the employees. Under certain conditions, the minimum wage can increase the number of workers. They are listed below:

  • The minimum wage will increase the number of workers if the firm is hiring a monopsonist. The reason is that a monopsonist is a single buyer of labor.  Thus, at a minimum wage rate, a monopsonist will increase the number of workers...

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