Macroeconomics
5th Edition
ISBN: 9781319098759
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
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Question
Chapter 8, Problem 6P
To determine
To explain: the mentioned questions.
Concept Introduction:
Equilibrium Wage Rate: When the quantity of labor demanded is exactly same as the labor supplied in the particular economy, than wage determined at that point is known as equilibrium wage rate.
Minimum wage rate: It is the wage rate set by the government and below this wage rate the employers cannot pay their employees.
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