W Wm W 0 Supply Demand A B C In the labor market shown in the graph, if the government sets a minimum wage (price floor) at Wm it will cause O employment to decrease from B to A. employment to decrease from C to B. O AC workers to be hired. employment to increase from A to B.

Question The graph below represents the labor market for dog trainers. What is the equilibrium quantity of dog trainers? Wage PE = $16 Labor Market for Dog Trainers QE = 900 D Quantity

The graph illustrates a labor market in which there is a minimum wage of $11 an hour. Draw a point to indicate the number of hours employed and the wage rate. Draw the firms' surplus. Label it FS. Draw the workers' surplus. Label it WS. Draw the deadweight loss. Label it DWL. Draw the potential loss from job search. Label it Loss. >>> A label box can be dragged by its edge to a new position. A minimum wage creates an inefficient allocation of labor resources because at the quantity of employment O A. employment is minimized OB. unemployment is maximized O C. marginal social cost exceeds marginal social benefit O D. marginal social benefit exceeds marginal social cost 16 14- 12+ 10- 8- 6- 44 2- Wage rate (dollars per hour) S Minimum wage D Q Q 0+ 18.0 19.0 20.0 21.0 22.0 23.0 24.0 25.0 Quantity (millions of hours per year) >>> Draw only the objects specified in the question.

Using an appropriate illustration explain the impact of the minimum wage in the labour market