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The imposition of a binding minimum wage makes all workers affected by it better off.
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- Is the Minimum Wage Law a Labor Standard Law or a Labor relations Law. Why?What are the welfare effects of a binding minimum wage? Use a graphical approach to show what happens if all workers are identical. Then describe in writing what is likely to happen to workers who differ by experience, education. age, gender, and race.does imposing a living wage have the same outcome as a minimum wage?
- What are the main costs and benefits of increasing the minimum wage?Summarize the evidence regarding the impact of the minimum wage on employment.The imposition of a binding minimum wage makes all workers affected by it better off.Explain why above statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate.
