Table 28-4The following data is about the labor market in the city of Productionville.WageQuantity Demanded Quantity Supplied(Dollars perhour)(Units)(Units)86,00016,00079,00014,000612,00012,000515,00010,000418,0008,000Refer to Table 28-4. If the local government imposed a minimum wage of $4 in Productionville, how many people would be unemployed?О а. 3,000O b. 10,000О с.0O d. 2,000

Minimum wage The minimum amount of money that an employer must pay wage workers for labor…

Table 28-4 The following data is about the labor market in the city of Productionville. Wage Quantity Demanded Quantity Supplied (Dollars per hour) (Units) (Units) 8 6,000 16,000 7 9,000 14,000 12,000 12,000 15,000 10,000 4 18,000 8,000 Refer to Table 28-4. If the local government imposed a minimum wage of $4 Productionville, how many people would be unemployed? Ю а. 3,000 O b. 10,000 O c. 0 O d. 2,000

Table 28-4 The following data is about the labor market in the city of Productionville. Wage Quantity Demanded Quantity Supplied (Dollars per hour) (Units) (Units) 8 6,000 16,000 7 9,000 14,000 12,000 12,000 15,000 10,000 4 18,000 8,000 Refer to Table 28-4. If the local government imposed a minimum wage of $4 Productionville, how many people would be unemployed? Ю а. 3,000 O b. 10,000 O c. 0 O d. 2,000

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter14: Labor Markets And Income

Section: Chapter Questions

Problem 3SCQ: Table 14.12 shows the quantity demanded and supplied in the labor market for driving city buses in...

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WAGE (Dollars per hour) 15 Labor Supply 12 0 200 400 600 Labor Demand 900 1000 QUANTITY (Thousands of workers) Graph Input Tool Labor Market Wage Rate (Dollars per hour) Labor Demanded (Thousands of workers) $11.1 260 Labor Supplied (Thousands of workers) 740 480 Surplus Labor (Thousands of workers) Labor Demand Shifters Tax Credit (Dollars per hour) ° ? Suppose the minimum wage in this economy is $11.10 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. If the wage is not allowed to fall below $11.10 per hour, the size of the unskilled labor force is workers are considered unemployed. The unemployment rate is defined as the percentage of unemployed workers in the labor force: Unemployment Rate = Unemployed Labor Force x 100 workers, and unskilled At a minimum wage of $11.10 per hour, the…