What are the effects of placing a universal binding minimum wage on a labor market that is otherwise perfectly competitive? What are the effects if the minimum wage is not universal (that is if there is a sector of the labor market not covered by the minimum wage)? In both cases briefly discuss potential efficiency effects. Consider the CBO study on the minimum wage (posted on D2L). Provide a brief argument for or against raising the minimum wage to $10.10 per hour based on efficiency vs. equity effects.