Problem
1. Why the demand for labor is called a derived demand?
2. In the labor market, what are the firm's demand curve for labor and the workers' supply curve of labor?
3. How a firm's wage is normally determined in the labor market?
4. How could Amazon decide to raise its minimum wage to $15 per hour, despite the federal minimum wage being fixed at $7.25 per hour?
5. What are the positive and negative effects of Amazon raising its minimum wage to $15 per hour on its employees, total revenue, and other companies and their employees?