The graph illustrates a labor market in which there is a minimum wage of $15 an hour. Draw shapes that represent the following: 1) firms' surplus. Label it FS. 2) workers' surplus. Label it WS. 3) deadweight loss. 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. 18- 17- 16- Wage rate (dollars per hour) S Minimum 15- wage 14- 13- 12- 11- 10+ 18 19 20 21 D 24 σ σ 1 G Quantity (millions of hours per year) >>> Draw only the objects specified in the question.

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The graph illustrates a labor market in which there is a minimum wage of $15 an hour.
Draw shapes that represent the following:
1) firms' surplus. Label it FS.
2) workers' surplus. Label it WS.
3) deadweight loss. 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)
18-
17
16-
Minimum
15-
wage
14-
13-
12-
11-
18
19
24
20 21 22 23
Quantity (millions of hours per year)
D
>>> Draw only the objects specified in the question.
Transcribed Image Text:The graph illustrates a labor market in which there is a minimum wage of $15 an hour. Draw shapes that represent the following: 1) firms' surplus. Label it FS. 2) workers' surplus. Label it WS. 3) deadweight loss. 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) 18- 17 16- Minimum 15- wage 14- 13- 12- 11- 18 19 24 20 21 22 23 Quantity (millions of hours per year) D >>> Draw only the objects specified in the question.
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