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Minimum wage established above the equilibrium wage

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Reference no: EM131239771

In the labor market, workers would like to receive higher wages and firms would like to pay lower wages.

  • Suppose that workers succeed in having a minimum wage established above the equilibrium wage. What will happen to the number of workers employed when compared to the original equilibrium? Explain.
  • Suppose that firms succeed in having a maximum wage established below the equilibrium wage. What will happen to the number of workers employed compared to the original equilibrium? Explain.

Reference no: EM131239771

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