41) The following questions are based on the figure below which shows the effect of a minimum-wage law. If there was no minimum wage and then the government instituted a wage of $6, in this market minimum Figure 15-1 W/P $6 20 30 40 a. Employment would fall by 20 b. Employment would rise by 10 c. Unemployment would increase by 10

41) The following questions are based on the figure below which shows the effect of a minimum-wage law. If there was no minimum wage and then the government instituted a wage of $6, in this market minimum Figure 15-1 W/P $6 20 30 40 a. Employment would fall by 20 b. Employment would rise by 10 c. Unemployment would increase by 10

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 23CTQ: Under what Circumstances would a minimum wage be a nonbinding price floor? Under what circumstances...

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