• 1 Introduction
  • 2 The Basic Setup
  • 3 The Competitive Equilibrium
  • 4 Equilibrium with a Minimum Wage
  • 5 Comparing Equilibria
  • 6 Welfare Implications
  • 7 Conclusions
  • A Proof of Proposition 1
  • A Proof of Proposition 1
  • C Stability of Equilibrium
  • D Comparative Statics under Minimum Wages