The diagram below shows the supply and demand curves in a labour market. We will analyze both competitive and monopsonistic outcomes with this diagram.
Figure 14-2
Refer to Figure 14-2. Suppose the labour market is in a monopsonistic equilibrium. If a minimum wage is then imposed at W5, the effect would be to
◦ decrease wages but employment would remain the same.
◦ increase wages and create a shortage of workers.
◦ waste policy effort, as there would be no effect whatsoever in the labour market.
◦ increase wages and maintain employment but create a pool of unemployed workers.
◦ increase employment only.
Human Ear diagram
Myocardial Oxygen supply and demand
Anatomy diagram
Anatomy diagram
Echinoderm Diagram with labels
Species-area curves