Imposing Minimum Wage

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Suppose the government imposes a minimum wage of $5. What is the total wage paid to labor in the figure? See attached file for full problem description.

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Attachments

Econ 74.doc

Solution Preview

Answer: C.
At a minimum wage of $5/hour the supply of labor (6 billion ...

Solution Summary

This solution looks at what happens when the government imposes a minimum wage.

$2.49