Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate whether this wage will result in a shortage or a surplus. Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $12.50.   Which of the following statements are true? Check all that apply. Binding minimum wages cause structural unemployment. in this labor market, a minimum wage of $9.50 would be binding. In the absence of price controls, a surplus puts downward pressure on wages until they fall to equilibrium. If the minimum wage is set at $12.50, the market will not reach equilibrium.

Describe the impact of the federal government setting the federal minimum wage at a price that is above state minimum wage laws.

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Assume the government imposes an effective minimum wage (i.e., one above the equilibrium wage rate that would otherwise prevail in that market). What does our supply and demand analysis implie?

Assume that the supply of low-skilled workers is fairly elastic, but the employers’ demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor? Sketch a graph to help compare and contrast the two options.

"In light of the concept of 'supply and demand,' explain how a significant increase in the minimum wage might impact employment levels and product prices in a competitive market. Consider both short- term and long-term effects, and discuss any potential differences in impact across various sectors of the economy."

Which of the following is the most likely outcome of minimum wage laws? an increase in both the quantity of labor supplied by workers and the quantity of labor demanded by firms an increase in the quantity of labor supplied by workers and a decrease in the quantity of labor demanded by firms a decrease in the quantity of labor supplied by workers and an increase in the quantity of labor demanded by firms a decrease in both the quantity of labor supplied by workers and the quantity of labor demanded by firms

The elasticity of demand for labor is an important factor in the analysis of the effect of the minimum wage because Elastic labor demand tells us the firm is likely to raise prices inelastic labor demand suggests increasing the minimum wage is less harmful to workers inelastic labor demand suggests increasing the minimum wage is more harmful to workers Inelastic labor supply tells us there will be more unemployment. Inelastic labor demand tells us there will be more unemployment.

The graph below provides a supply and demand curve for food servers, complete 1a – 1d using the graph.   1.a.  The equilibrium wage and the number of food servers employed per day, respectively, are: 1.b.  Suppose that in the interest of boosting incomes of the working poor, Congress imposes a minimum wage of $6.00 per hour. This minimum wage rate creates a(n): 1.c.  Assume that both input and output markets are perfectly competitive. If one additional server increases the number of meals sold by four per day and each meal sells for $10, each additional food servers will be paid: 1.d.  If the equilibrium wage rate increased, the cause could be that either:

If the government thinks the equilibrium wage is too low, it may impose a _________________ wage  which may cause a _______________ surplus.    Question 1 options:   minimum; shortage   maximum; surplus   maximum; shortage   minimum; surplus