Hello,
I have recently completed a masters in Economics and taught both Microeconomics and Macroeconomics as part of a teaching assistant role which makes me well qualified for the job.
I will fill in the correct answers and include accompanying diagrams and explanations where required to assist you in learning the material.
An example solution to one of your questions would look as follows:
---------------------------------------------------------------------------------------------------------------------
"An increase in the minimum wage in a competitive market will likely:"
Answer: Decrease employment
[login to view URL]
Referring to the above example, we can see that the minimum wage increases the wage rate from the equilibrium wage of of 3.80 to 4.20. This leads to a decrease in the demand for labor as labor has now become more expensive. This causes a movement along the demand curve reducing the quantity of workers from 1,000 to 750. The increase in wage means firms are willing to hire less workers and thus there is a decrease in employment.
---------------------------------------------------------------------------------------------------------------------------------
Please let me know if you require any further information.
Regards,
Chris