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 $38 per hour. What will be the effects on wages and employment?
◦ Wages will rise by $8 per hour and employment will remain unchanged.
◦ Wages will rise by $8 per hour and employment will fall below 750 units of labour.
◦ Wages will rise by $3 per hour and employment will fall by 125 units of labour.
◦ Wages will rise by $13 per hour and employment will fall below 750 units of labour.
◦ Wages will rise by $8 per hour and employment will fall by between 0 and 250 units of labour.
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