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Labor market and minimum wages

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Please review the attached.

1. What is the situation in the 2009 NYC labor market?
a. Labor Surplus
b. Labor Shortage
c. Equilibrum

2. What percentage of jobs would be lost if the min wage were increased to 9.50?

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Solution Summary

The effects of changes to the minimum wage on the labor market are examined.

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1. There is a labor surplus in this market. If 3,700 people are waiting in line for a few jobs, it means that there are far more workers than ...

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