a. Explain how it is possible that the mine workers were being paid less than the wage
Question:
a. Explain how it is possible that the mine workers were being paid less than the wage that would be paid in a competitive labor market.
b. What would be the effect of a minimum wage law in the market for miners?
Impala Platinum has sacked 17,000 South African miners at its Rustenburg mine because they took part in an illegal strike. The miners refused to have their union negotiate in the two-week pay dispute with the world’s second largest platinum producer. Mining provides a quarter of all jobs in Rustenburg
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a The mine provides a large fraction of total employment in the region Hence Impala Platinum the own...View the full answer
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