Assess students' ability to apply supply-and-demand models to evaluate the effects of a minimum wage increase in a local labor market. Require labeled diagrams to show whether the wage floor is binding, calculate and compare employment levels, unemployment, and changes in worker and employer surplus (including deadweight loss) for a provided numerical example, and explain how outcomes differ with varying labor supply/demand elasticities or under monopsony. Include a short written interpretation of likely real-world consequences (hours, informal work, price pass-through, and distributional impacts) grounded in the model.