2. On the diagram below draw in a Supply Curse for Labor (nurses) and the Demand Curve for Nurses. Where the two lines intersect we call the equilibrium wage, which we will just say is something like $30 per hour. Let's say the government thinks the wage of $30 per hour is TOO LOW for nurses in the United States, so the make a law requiring nursing wages to be AT LEAST $45 an hour. Draw that line in at the $45 dollar and hour wage rate. What do you think will happen on this diagram in the short run, and eventually in the long run?
2. On the diagram below draw in a Supply Curse for Labor (nurses) and the Demand Curve for Nurses. Where the two lines intersect we call the equilibrium wage, which we will just say is something like $30 per hour. Let's say the government thinks the wage of $30 per hour is TOO LOW for nurses in the United States, so the make a law requiring nursing wages to be AT LEAST $45 an hour. Draw that line in at the $45 dollar and hour wage rate. What do you think will happen on this diagram in the short run, and eventually in the long run?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
2. On the diagram below draw in a Supply Curse for Labor (nurses) and the Demand Curve for Nurses. Where the two lines intersect we call the equilibrium wage, which we will just say is something like $30 per hour. Let's say the government thinks the wage of $30 per hour is TOO LOW for nurses in the United States, so the make a law requiring nursing wages to be AT LEAST $45 an hour. Draw that line in at the $45 dollar and hour wage rate. What do you think will happen on this diagram in the short run, and eventually in the long run?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education