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Illustrate the effects of a minimum wage

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Reference no: EM131835652

Use a figure to illustrate the effects of a minimum wage that covers an entire labor market on the equilibrium number of workers employed, unemployment, and the wage bill (workers' earnings: the wage times the number of hours worked). Show figures to show that the wage bill can increase or decrease given a small change in the minimum wage. Alternatively, you may use calculus.

Reference no: EM131835652

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