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Question.No-1: In the labor market, workers would like to receive higher wages
and firms would like to pay lower wages. 5 Marks
a. Suppose that workers succeed in having a minimum wage established above
the equilibrium wage. What will happen to the number of workers employed
when compared to the original equilibrium? Explain. 2.5 Marks
b. Suppose that firm succeed in having a maximum wage established below the
equilibrium wage. what will happen to the number of workers employed
compared to the original equilibrium? Explain. 2.5 Marks
Answer:
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