The diagram below shows the supply and demand for labour in a hypothetical town in northern British Columbia, with only one employer, a logging company.
FIGURE 14-4
Refer to Figure 14-4. Suppose this labour market is in a monopsonistic equilibrium. Then, suppose the provincial government of British Columbia imposes a minimum wage for employees in this industry of $30 per hour. What will be the effects on wages and employment?
◦ Wages will fall by $5 per hour and employment will increase by 250 units of labour.
◦ Wages will not change and employment will not change.
◦ Wages will not change and employment will change by between 0 and 250 units of labour.
◦ Wages will rise by $5 per hour and employment will increase by 250 units of labour.
◦ Wages will not change and employment will increase by 250 units of labour.
brain diagram
diagram
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Interphase Diagram
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