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active search actual aggregate supply actual employment rate actual supply curve added worker effect adult male aggregate demand aggregate labor aggregate supply curve Bardhan Basu cease to supply commitment assumption curve of labor demand curve demand for labor depicts an equilibrium drop economy efficiency wage employers fall in G finding a job formally given happens Hence household members household's expected welfare households will respond identical households increase instance January 1999 January labor demand labor force labor market legal minimum wage Let us suppose minimum wage law minimum wage legislation multi-valued multiple equilibria Note p-supply paradoxical result Policy prevailing market wage primary worker probability of finding quasi-supply curve rate of employment rigid satisfies rational expectations search costs shown in Figure Stiglitz sunk cost supply labor supply of labor supply positive amounts supply response supply their labor textbook supply curve Theorem theoretical model unemployed unemployment benefits unemployment rates