Question 1 (20 marks) Indicate what the likely effect would be on the unemployment situation in South Africa if the minimum wage rate is set above the equilibrium wage rates Discuss how the market will react to the introduction of a statutory minimum wage Explain the impact of a minimum wage rate below the equilibrium with the aid of a diagram and also with reference to the extract given Indicate on they diagram the minimum wage and the resultant effect Explain the deadweight loss

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Question: Question 1 (20 marks) Indicate what the likely effect would be on the unemployment situation in South Africa if the minimum wage rate is set

Question 1 (20 marks)

Indicate what the likely effect would be on the unemployment situation in South Africa if the minimum wage rate is set above the equilibrium wage rates

Discuss how the market will react to the introduction of a statutory minimum wage
Explain the impact of a minimum wage rate below the equilibrium with the aid of a diagram and also with reference to the extract given
Indicate on they diagram the minimum wage and the resultant effect
Explain the deadweight loss

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