Practise analysing trade unions, minimum wages and monopsony through labour-market diagrams and evaluating effects on wage, employment, unemployment, rent and transfer earnings.
A government intervenes to raise the wages of a group of workers to prevent their exploitation.
Where might such government intervention be justified?
in an industry that is protected by tariffs on imports from abroad
in an industry where a trade union negotiates wages for the workers
in an industry where the output is produced by a single firm monopolist
in an industry where workers are employed by a monopsonist
D