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1. a) Should minimum wage be mandated by the government or should the price of labor be established in the free market as it relates to AD and AS? b) If established in the free market, would employers take advantage of the exploitation of labor and/or would employees benefit from demanding higher wages? Explain. c) Could the economy function on such an unstable, flexible labor market if wages were able to constantly shift? Consider transitions in the business cycle, economic turmoil, and times of uncertainty such as the Great Recession of 2008- 2009 and the global pandemic of 2020-2021 to support your discussions.

1. a) Should minimum wage be mandated by the government or should the price of labor be established in the free market as it relates to AD and AS? b) If established in the free market, would employers take advantage of the exploitation of labor and/or would employees benefit from demanding higher wages? Explain. c) Could the economy function on such an unstable, flexible labor market if wages were able to constantly shift? Consider transitions in the business cycle, economic turmoil, and times of uncertainty such as the Great Recession of 2008- 2009 and the global pandemic of 2020-2021 to support your discussions.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter4: Labor And Financial Markets
Section: Chapter Questions
Problem 13RQ: What is die price commonly called in the labor market?
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1. a) Should minimum wage be mandated by the government or should the price of labor be established in the free market as it relates to AD and AS? b) If established in the free market, would employers take advantage of the exploitation of labor and/or would employees benefit from demanding higher wages? Explain. c) Could the economy function on such an unstable, flexible labor market if wages were able to constantly shift? Consider transitions in the business cycle, economic turmoil, and times of uncertainty such as the Great Recession of 2008- 2009 and the global pandemic of 2020-2021 to support your discussions.
Transcribed Image Text:1. a) Should minimum wage be mandated by the government or should the price of labor be established in the free market as it relates to AD and AS? b) If established in the free market, would employers take advantage of the exploitation of labor and/or would employees benefit from demanding higher wages? Explain. c) Could the economy function on such an unstable, flexible labor market if wages were able to constantly shift? Consider transitions in the business cycle, economic turmoil, and times of uncertainty such as the Great Recession of 2008- 2009 and the global pandemic of 2020-2021 to support your discussions.
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