By pushing for a higher minimum wage for their low-skilled workers, labor unions may drive the wage
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Question:
By pushing for a higher minimum wage for their low-skilled workers, labor unions may drive the wage the equilibrium wage. This may lead to a of low-skilled workers and ultimately increase unemployment. However, labor unions would still advocate for the increase because they largely represent the workers. Explain briefly.
Related Book For
Microeconomics Theory and Applications with Calculus
ISBN: 978-0133019933
3rd edition
Authors: Jeffrey M. Perloff
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