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Show the effect of an increase in the minimum wage

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Reference no: EM13319277

1. Using a diagram of the labor market, show the effect of an increase in the minimum wage on the wage paid to workers, the number of workers supplied, the number of workers demanded, and the amount of unemployment.

2. Do you think that firms in small towns or cities have more market power in hiring? Do you think that firms generally have more market power in hiring today than 50 years ago, or less? How do you think this change over time has affected the role of unions in the economy? Explain.

Reference no: EM13319277

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