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Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026 Exercise 8
Suppose labor laws in China were changed to require a higher minimum wage for Chinese workers.
a) What would happen to the price of Chinese-made products?
b) How would that affect the labor demand curve for U.S. factory workers?
c) What would happen to U.S. factory wages? Illustrate your answer using a supply-demand diagram.
a) What would happen to the price of Chinese-made products?
b) How would that affect the labor demand curve for U.S. factory workers?
c) What would happen to U.S. factory wages? Illustrate your answer using a supply-demand diagram.
Explanation
Verified
Verified
a)Setting higher minimum wages will incr...
Economics: The Basics 1st Edition by Mike Mandel
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