Business, 29.10.2020 16:30 Naviascales1681

The government sets a minimum wage above the current equilibrium wage. What effect does the minimum wage have on equilibrium in the labor market? What are its effects on consumer surplus, producer surplus, and total surplus in the labor market? (Hint: in the labor market, workers are 'producers' and firms are 'consumers'.)

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The government sets a minimum wage above the current equilibrium wage. What effect does the minimum...