The graph illustrates a labor market in which there is a minimum wage of $5 an hour Draw shapes that represent the following 1) firms' surplus. Label it FS 2) workers' surplus. Label it WS 3) deadweight los's Label it DWL 4) the potential loss from job search Label it Loss >>> A label can be repositioned by clicking on the edge of the label box and dragging it onto the shape Wage rate (dollars per hour) 7- 6 FS Minimum wage 3- o+ 18 19 (18,2) 20 21 22 23 24 25 Quantity (millions of hours per year)
The graph illustrates a labor market in which there is a minimum wage of $5 an hour Draw shapes that represent the following 1) firms' surplus. Label it FS 2) workers' surplus. Label it WS 3) deadweight los's Label it DWL 4) the potential loss from job search Label it Loss >>> A label can be repositioned by clicking on the edge of the label box and dragging it onto the shape Wage rate (dollars per hour) 7- 6 FS Minimum wage 3- o+ 18 19 (18,2) 20 21 22 23 24 25 Quantity (millions of hours per year)
Chapter12: Labor Markets And Labor Unions
Section: Chapter Questions
Problem 1.1P
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