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QUESTION 1
(a) Suppose the government decides to implement a minimum wage to help low-income workers. How will the minimum wage affect the demand for labor and what does this imply about the success of the government's initiative?
(b) Explain the effects of a minimum wage on monopsonised markets.QUESTION 2
Briefly write on the following (each carries equal marks)
WHY DO GOVERNMNETS PLACE HIGH TAX RATES ON PRODUCTS SUCH AS PETROLA ND CIGRATTES
case study on diamond price and petrol price for exxception to the law of demand
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