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What is the deadweight loss of a $9 minimum wage

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Many retail workers operate in a competitive labor market. The labor supply is QS = 10W (where W is the price of labor measured by the hourly wage) and the demand for labor is QD = 240 - 20W . Q measures the quantity of labor hired (in thousands of hours). What is the deadweight loss of a $9 minimum wage?

Reference no: EM133553808

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