Let's take another look at the minimum wage. Is the minimum wage a price ceiling or price floor? Show this on a graph. Point out or describe any inefficiencies with regard to price and quantity. Is the minimum wage similar to any of the union models in chp 17? If so which one? 3. Is there a different result for minimum wage, which you outlined in #1, if monopsony or monopsonistic power is injected into the analysis, AND your answer to #2? What might that be? Is there a different result for equilibrium price and wage you outlined in #1. If so, what would that be ?

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Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

ChapterST9: Do Labor Unions Increases The Wages Of Workers?

Section: Chapter Questions

Problem 7CQ

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Let's take another look at the minimum wage.

Is the minimum wage a price ceiling or price floor? Show this on a graph. Point out or describe any inefficiencies with regard to price and quantity.
Is the minimum wage similar to any of the union models in chp 17? If so which one?

3. Is there a different result for minimum wage, which you outlined in #1, if monopsony or monopsonistic power is injected into the analysis, AND your answer to #2? What might that be? Is there a different result for equilibrium price and wage you outlined in #1. If so, what would that be ?

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