Explain the effects of the minimum wage on the workers’ surplus, the firms’ surplus, and the efficiency of the market for low-skilled workers.

Use the following news clip to work Problems.

European Commission to Launch Consultations on First E.U. Minimum Wage “Europe’s economy must provide people with quality jobs that pay an adequate wage,” said Commissioner for Jobs and Social Rights Nicolas Schmit. Six of the Euro members—Italy, Cyprus, Austria, Denmark, Finland, and Sweden—do not have a national minimum wage.