WAGE (Dollars per hour) 15 12 0 0 400 Labor Supply 200 600 800 QUANTITY (Thousands of workers) Labor Demand Unemployment Rate = 1000 Graph Input Tool Unemployed Labor Force Labor Market × 100 Wage Rate (Dollars per hour) Labor Demanded (Thousands of workers) Surplus Labor (Thousands of workers) Labor Demand Shifters If the wage is not allowed to fall below $11.70 per hour, the size of the unskilled labor force is workers are considered unemployed. Tax Credit (Dollars per hour) The unemployment rate is defined as the percentage of unemployed workers in the labor force: $11.7 220 Suppose the minimum wage in this economy is $11.70 per hour. An unemployed worker is defined as someone who is willing to work at the prevailing wage but is unable to find employment. Because the minimum wage lies above the equilibrium wage, it is binding, which means it is also the prevailing wage. 560 0 Labor Supplied (Thousands of workers) 780 workers, and unskilled

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Consider two labor markets, an eastern state and a western state, that enact different laws governing labor unions. The following graph illustrates the labor market for the state in the East. Initially, the market-clearing hourly wage is $12. Suppose that the government in this eastern state passes a law that makes it easier for workers to become union members. Through a process of collective bargaining, the union negotiates an hourly wage of $16. Use the black point (plus symbol) to show how many union workers will be employed at the $16 wage. (Hint: Be sure to place the point on the appropriate curve.)

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25000 20000 15000 10000 5000 0 ... 0 5000 10000 15000 20000 25000 Figure 1. Vertical axis (Y) is annual wage. Horizontal axis () is number of workers. 30000 35000

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a)10 b)18 c)8 d)17