a. Explain why the market for low-skilled labor is not Pareto efficient when the minimum wage is imposed. b) Although th

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answerhappygod
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a. Explain why the market for low-skilled labor is not Pareto efficient when the minimum wage is imposed. b) Although th

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a. Explain why the market for low-skilled labor is not Pareto
efficient when the minimum wage is imposed. b) Although the minimum
wage leads to an inefficient allocation of resources, society may
still prefer to impose the minimum wage in the interest of equity.
Explain the logic behind this statement and use a welfare
possibilities frontier and social indifference curves to support
your answer
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