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20 Wage rate (dollars per hour) 16 16 12 8 4 0 3 6 9 12 S 15 18 Quantity (thousands of hours per month) 57) The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours do students work? A) 12,000 hours B) 9,000 hours C) 6,000 hours D) None of the above answers is correct. 58) The figure above shows the demanor and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours of students' labor are unemployed? A) 12,000 hours B) 9,000 hours C) 6,000 hours D) 0 hours

20 Wage rate (dollars per hour) 16 16 12 8 4 0 3 6 9 12 S 15 18 Quantity (thousands of hours per month) 57) The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours do students work? A) 12,000 hours B) 9,000 hours C) 6,000 hours D) None of the above answers is correct. 58) The figure above shows the demanor and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours of students' labor are unemployed? A) 12,000 hours B) 9,000 hours C) 6,000 hours D) 0 hours

Principles of Economics 2e
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 23RQ: What is the marginal cost of labor?
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20 Wage rate (dollars per hour) 16 16 12 8 4 0 3 6 9 12 S 15 18 Quantity (thousands of hours per month) 57) The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours do students work? A) 12,000 hours B) 9,000 hours C) 6,000 hours D) None of the above answers is correct. 58) The figure above shows the demanor and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours of students' labor are unemployed? A) 12,000 hours B) 9,000 hours C) 6,000 hours D) 0 hours
Transcribed Image Text:20 Wage rate (dollars per hour) 16 16 12 8 4 0 3 6 9 12 S 15 18 Quantity (thousands of hours per month) 57) The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours do students work? A) 12,000 hours B) 9,000 hours C) 6,000 hours D) None of the above answers is correct. 58) The figure above shows the demanor and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours of students' labor are unemployed? A) 12,000 hours B) 9,000 hours C) 6,000 hours D) 0 hours
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