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Economics

a) Summarize the competitive labor market argument against minimum wage laws. Explain how a minimum wage law may affect formal and informal labor markets. Is "monopsony" likely to be an issue in developing country labor markets?

b)Find out data on wages, employment, and minimum wage laws in developing countries from the internet & summarize this information. What does the empirical evidence suggest about the impact of minimum wage laws on income and employment?

c) Cite reasons for favoring the minimum wage laws in developing countries and reasons against it too.

Brief answers needed.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9290578

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