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Using the principles of supply and demand as applied to labor markets, what are the effects...

Using the principles of supply and demand as applied to labor markets, what are the effects of placing a universal binding minimum wage on a labor market that is otherwise perfectly competitive? What are the effects if the minimum wage is not universal (i.e., if there is a sector of the labor market not covered by the minimum wage – such as waiters and waitresses)? In both cases briefly discuss potential efficiency effects.

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