Effective July 24, 2009, the federal minimum wage increased to $7.25 per hour (from $6.55). Use a diagram to illustrate the effect this increase would have on unskilled labor if
a. demand for labor is nearly vertical.
b. demand for labor is very elastic

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The Answer of Effective July 24, 2009, the federal minimum wage increased to $7.25 per hour (from $6.55). Use a diagram to illustrate the effect this increase would have on unskilled labor if
a. demand for labor is nearly vertical.
b. demand for labor is very elastic

Effective July 24, 2009, the Federal Minimum Wage Increased to $7.25