1- Suppose a perfectly competitive labour market has a demand curve of LD= 120 – 2w and a supply curve of LS= 8w, where W is the wage rate is dollars and L is the quantity of labour in person-hours
A. What are the equilibrium values of the wage and employment?
B. Suppose the government imposed a minimum wage of $14 per hour, now what are the equilibrium values of the wage and employment?
C. Repeat part (a) assuming now that the market is a monopsony?
D. Repeat part (b) assuming now that the market is a monopsony?
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