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Explain the deadweight loss

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Reference no: EM133260118

Question 1

Indicate what the likely effect would be on the unemployment situation in South Africa if the minimum wage rate is set above the equilibrium wage rates 

  • Discuss how the market will react to the introduction of a statutory minimum wage 
  • Explain the impact of a minimum wage rate below the equilibrium with the aid of a diagram and also with reference to the extract given 
  • Indicate on they diagram the minimum wage and the resultant effect     
  • Explain the deadweight loss 

Reference no: EM133260118

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