22 LS 20 18 Minimum wage 16 14 12 10 LD 100 200 300 400 500 600 700 Quantity (thousAnds of workers) The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, what is TRUE? Select one: O a. The lowest wage for which someone is willing to work is $18 an hour. O b. 200,000 workers are employed. O c. The quantity of jobs demanded is more than the quantity supplied. Od. The quantity of jobs increases to 400,000. Oe. The lowest wage for which someone is willing to work is $20 an hour. CO
22 LS 20 18 Minimum wage 16 14 12 10 LD 100 200 300 400 500 600 700 Quantity (thousAnds of workers) The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, what is TRUE? Select one: O a. The lowest wage for which someone is willing to work is $18 an hour. O b. 200,000 workers are employed. O c. The quantity of jobs demanded is more than the quantity supplied. Od. The quantity of jobs increases to 400,000. Oe. The lowest wage for which someone is willing to work is $20 an hour. CO
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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(Academic)
22
LS
20
18
Minimum
wage
16
14
12
10
LD
100 200 300 400 500 600 700
Quantity (thousands of workers}
The above figure shows the market for finish carpenters in Bozeman. If there is a minimum
wage set at $18, what is TRUE?
Select one:
O a. The lowest wage for which someone is willing to work is $18 an hour.
Ob. 200,000 workers are employed.
O c. The quantity of jobs demanded is more than the quantity supplied.
O d. The quantity of jobs increases to 400,000.
O e. The lowest wage for which someone is willing to work is $20 an hour.
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