Show graphically how a minimum wage can simultaneously increase employment and raise the wage rate. Explain each of the following phenomena using the invisible hand or social or political forces: a....

Show graphically how a minimum wage can simultaneously increase employment and raise the wage rate. Explain each of the following phenomena using the invisible hand or social or political forces: a. Firms often pay higher than market wages. b. Wages don’t fluctuate much as unemployment rises. c. Pay among faculty in various disciplines at colleges does not vary much although market conditions among disciplines vary significantly.