Graphically Illustrate (Using the WS and PS Relations)and Explain the Effects

question 11

Essay

Graphically illustrate (using the WS and PS relations)and explain the effects of an increase in the minimum wage on the equilibrium real wage,the natural rate of unemployment,the natural level of employment,and the natural level of output.

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Definitions:

Markup Percent

The percentage increase in the selling price of goods beyond their cost, used by retailers to achieve a profit margin.

Scaffolding Equipment

the temporary structures and tools used in construction, maintenance, and repair activities to support workers and materials.

Aluminum Extension Ladder

A ladder made of aluminum, designed to extend to various lengths for reaching high places.

Dollar Markup

The difference between the selling price of an item and its cost, expressed in dollars.