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Draw the graph depicting classical view of the labor market

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Reference no: EM13394098

A. Sketch a graph depicting the classical view of the labor market. Show the equilibrium wage and employment level.

B. Assume wages are downwardly sticky. How might this help explain higher unemployment in economic downturns using the graph in A?

C. Graph the labor market again. Now impose a minimum wage above the equilibrium wage level. Explain how that may contribute to unemployment. How would unemployment due to the minimum wage change in economic downturns according to your graph?

Reference no: EM13394098

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