Figure: Minimum WageWage0 0 25 3510$8209Quantity of laborHow many workers are unemployed at a minimum wage of $8?Bb25 35 45

The price floor is the government-imposed minimum price set for a product. The minimum wage is an…

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How many workers are unemployed at a minimum wage of $8?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 20RQ: Why is there unemployment in a labor market with flexible wages?

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Question

Figure: Minimum Wage
Wage
0 0 25 35
10
$8
20
9
Quantity of labor
How many workers are unemployed at a minimum wage of $8?
B
b
25 35 45

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