The minimum wage raises workers’ wage above the equilibrium wage. Is this efficient? Do you think it is fair? Each of the following firms possesses market power. Explain its source. a. Merck, the...

The minimum wage raises workers’ wage above the equilibrium wage. Is this efficient? Do you think it is fair?

Each of the following firms possesses market power. Explain

its source.

a. Merck, the producer of the patented cholesterol-lowering

drug Zetia

b. Verizon, a provider of local telephone service

c. Chiquita, a supplier of bananas and owner of most

banana plantations