The followWing grapN shows the labor market in tne rast-rood industry in the rlctlonal town or Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. ? Graph Input Tool Market for Labor in the Fast Food Industry 20 18 Wage (Dollars per hour) 6 Supply 16 Labor Supplied (Thousands of workers) Labor Demanded (Thousands of workers) 500 210 14 12 10 8 Demand 4 2 0 0 50 100 150 200 250 300 350 400 450 500 LABOR (Thousands of workers) WAGE (Dollars per hour)
The followWing grapN shows the labor market in tne rast-rood industry in the rlctlonal town or Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. ? Graph Input Tool Market for Labor in the Fast Food Industry 20 18 Wage (Dollars per hour) 6 Supply 16 Labor Supplied (Thousands of workers) Labor Demanded (Thousands of workers) 500 210 14 12 10 8 Demand 4 2 0 0 50 100 150 200 250 300 350 400 450 500 LABOR (Thousands of workers) WAGE (Dollars per hour)
Chapter1: What Is Economics
Section1.A: Using Graphs: A Review
Problem 3TY
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Question
In this market, the equilibrium hourly wage is ___, and the equilibrium quantity of labor is thousand workers.
Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a .
For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls.
Wage
|
Labor Demanded
|
Labor Supplied
|
Pressure on Wages
|
---|---|---|---|
(Dollars per hour)
|
(Thousands of workers)
|
(Thousands of workers)
|
|
8 |
|
|
|
12 |
|
|
True or False: A minimum wage above $10 per hour is a binding minimum wage in this market.
True
False
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