Consider a perfectly competitive labor market. In the initial equilibrium, the wage is W₀ and the quantity of labor employed is L₀ Suppose the government now plans to implement a minimum wage policy and sets the minimum wage at W. Under what conditions will the minimum wage policy affect the equilibrium? How will the number of labor hires If the minimum wage policy affects the original equilibrium, please draw a graph to represent the deadweight loss caused by the policy

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