Assume that if the labor market is unregulated, the equilibrium wage for workers who do not have high school education is $5.00 an hour.
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Assume that if the labor market is unregulated, the equilibrium wage for workers
who do not have high school education is $5.00 an hour. (When possible use the
concept of economic surplus to make your argument.)
a. Assume that the government imposes a minimum wage of $6.00 an hour.
Draw a supply-demand diagram that shows what the impact of minimum
wage would be.
b. Who benefits from this policy?
c. Who loses?
d. Under what conditions might it make sense to support a minimum wage
policy?
e. Under what conditions might it make sense to oppose a minimum wage
policy?
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