Draw a perfectly competitive labor market. Is their involuntary unemployment in this model of the market? Add a minimum wage to the model and describe what takes place. Is this an example of static or dynamic analysis?

Draw a perfectly competitive labor market. Is their involuntary unemployment in this model of the market? Add a minimum wage to the model and describe what takes place. Is this an example of static or dynamic analysis?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter30: The Labor Market

Section: Chapter Questions

Problem 9E

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Question

Economics
Draw a perfectly competitive labor market. Is their
involuntary unemployment in this model of the
market? Add a minimum wage to the model and
describe what takes place. Is this an example of
static or dynamic analysis?

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