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Assume there are no minimum wage laws

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Assume there are no minimum wage laws. Imagine that you are poor and cannot find work due to an economic recession. One day a new employer comes to town and offers you a job in his factory for a wage of fifty cents per hour. The employer exerts no pressure. He simply makes his offer and says politely, "Take it or leave it." You accept the offer, not without gratitude, because you have no reasonable alternative. Is the contract between you and your new employer voluntary? Is the contract fair?

Reference no: EM133508356

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