February/March 2026 Paper 32

2026 · 30 questions · 30 parts · 30 marks

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13Minimum Wages Labour Market PolicyHard1 mark
The diagram shows the effect of the introduction of a national minimum wage, , in an occupation where workers are employed by a profit-maximising monopsonist.
diagram of a monopsony labour market after a national minimum wage WM is introduced: a rising marginal cost of labour curve MCL, a rising labour supply curve SL, and a downward-sloping marginal revenue product of labour curve MRPL (= DL, the demand curve); wage rates W1, WM and W2 and employment levels Q1, Q3 and Q2 are marked, with points X, Y, Z, U and V showing where the curves and wage lines cross at these wage and employment levels
What happened to the total wages received by the workers in the occupation?