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Economics

Problem

The market for grocery-store baggers is a competitive labor market, as shown in Figure 16P-6. Suppose a new federal law raises the minimum wage to $10 per hour.

a. What is the equilibrium wage rate prior to the law being enacted?

b. What are total labor earnings at the equilibrium wage?

c. How much labor is being hired at the minimum wage?

d. What are total labor earnings with enactment of the minimum wage?

1510_Figure 16P-6.jpg

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92758047

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