A minimum wage will influence different labor markets differently. In four separate market diagrams, illustrate the following cases:
(i) a competitive market in which causes a 50% reduction in labor demand;
(ii) a competitive market in which the minimum wage does not causes a % reduction in labor demand;
(iii) a monopsony market where the minimum wage increases employment;
(iv) a monopsony market where the minimum wage decreases employment. (Hint under the monopsony model of minimum wages, the effective marginal expenditure curve has a horizontal range at the level of the minimum wage and then jumps to rejoin the original marginal expenditure curve.)