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Macroeconomics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0077332648Macroeconomics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0077332648 Exercise 15
Assume the equilibrium wage rate is $6. Draw a graph of the labor market to answer the following questions.
a. When the government introduces a minimum wage of $5.50, does unemployment increase, decrease, or stay the same compared to no minimum wage?
b. When the government introduces a minimum wage of $6.50, does unemployment increase, decrease, or stay the same compared to no minimum wage?
a. When the government introduces a minimum wage of $5.50, does unemployment increase, decrease, or stay the same compared to no minimum wage?
b. When the government introduces a minimum wage of $6.50, does unemployment increase, decrease, or stay the same compared to no minimum wage?
Explanation
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Minimum wage rate:
The wage rate that i...
Macroeconomics 1st Edition by Dean Karlan,Jonathan Morduch
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