The demand for output is not perfectly elastic

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Reference no: EM13739670

Trace through the effects a minimum wage might be expected to have, for two cases:

(a) the demand for output produced by workers is perfectly elastic.

(b) the demand for output is not perfectly elastic (and, therefore, slopes down).

For each case, make qualitatitive predictions about the effects of increasing the minimum wage on wage rate, output price, and the quantities of labor hired and output produced

Reference no: EM13739670

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