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Explain Federal Trade Commission (FTC)?
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- Do minimum wage laws help or hurt the economy?Write legibly, what I cannot read I cannot grade. Make sure that you label the graph completely and indicate all known information on the graph. Consider the labor market. Draw a graph illustrating an effective minimum wage in the labor market. Please make sure to label the axes accordingly and state who the supplier (workers or firms) and who the demander is (workers or firms). Indicate (clearly) consumer surplus, producer surplus, and deadweight loss in your graph.Firm A would hire 20,000 workers if the wage rate is $12 but will hire 10,000 workers if the wage rate is $15. Firm B will hire 30,000 workers if the wage is $20 but will hire 33,000 workers if the wage is $15. The workers in which firm are more likely to organize and form a union? Hint: You need to calculate the elasticity of labor demand.