Consider a company town where the ABC Corporation is the only employer. Assume ABC sells its output in a purely competitive market. The city council is considering a proposal to lower the minimum wage from its current level of W 2 to W 1 , as shown in the graph above. Given the marginal revenue product of labor (MRP), labor supply (S L ), and marginal cost of labor (MRC) curves, this policy would:
A. Increase employment from L 1 to L 2
B. Increase employment from L 1 to L 3
C. Reduce employment from L 4 to L 3
D. Reduce employment from L 1 to L 0
A. Increase employment from L 1 to L 2
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