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Answer to Question #200113 in Economics for Goitsemodimo
Question #200113
Consider the demand and supply of labour in the sugar industry. If there is a minimum wage in this industry (above equilibrium wage/price), then the effect of removing this minimum wage would be to
Expert's answer
If there is a minimum wage in this industry (above equilibrium wage/price), then the removal of this minimum wage would decrease the equilibrium wage, and the actual equilibrium quantity will increase.
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#340153 on Dec 2023
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