Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied (Thousands of workers) (Thousands of workers) Shortage or Surplus? Wage $9.00 Suppose the federal government contemplates a new law that would create a national minimum wage of $9.00 per hour. Which of the following statements are true? Check all that apply. If the minimum wage is set at $12.50, the market will not reach equilibrium. In this labor market, a minimum wage of $9.00 is binding. Binding minimum wages cause frictional unemployment. In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium.
Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied (Thousands of workers) (Thousands of workers) Shortage or Surplus? Wage $9.00 Suppose the federal government contemplates a new law that would create a national minimum wage of $9.00 per hour. Which of the following statements are true? Check all that apply. If the minimum wage is set at $12.50, the market will not reach equilibrium. In this labor market, a minimum wage of $9.00 is binding. Binding minimum wages cause frictional unemployment. In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium.
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 13QP
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