SOLVED: 4. Consider a perfectly competitive labor market in which the elasticity of demand is -3 and the elasticity of supply is 2. A minimum wage law currently sets a wage floor of 10 per hour, which is above the equilibrium wage that would arise in the absence of the minimum wage law. Which of the following things must occur if the minimum wage (i.e., the wage floor) were lowered from10 per hour to 8 per hour? - Employment would decrease. - Unemployment would increase. - Firms' surplus would i
SOLVED: 4. Consider a perfectly competitive labor market in which …
Dec 4, 2023
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