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a) What is the equilibrium wage rate and equilibrium level of employment? A. $15 and 35 units of labor B. $20 and 15 units of labor C. $25 and 20 units of labor D. $35 and 10 units of labor b) If the government institutes a minimum wage rate at $30, the unemployment in the market will be: A. 10 units of labor. B. 15 units of labor. C. 20 units of labor. D. 25 units of labor. C) f the government fixes a minimum wage rate at $15, the unemployment in the market will be: A. 0 units of labor B. 10 units of labor C. 20 units of labor D. 30 units of labor

a) What is the equilibrium wage rate and equilibrium level of employment? A. $15 and 35 units of labor B. $20 and 15 units of labor C. $25 and 20 units of labor D. $35 and 10 units of labor b) If the government institutes a minimum wage rate at $30, the unemployment in the market will be: A. 10 units of labor. B. 15 units of labor. C. 20 units of labor. D. 25 units of labor. C) f the government fixes a minimum wage rate at $15, the unemployment in the market will be: A. 0 units of labor B. 10 units of labor C. 20 units of labor D. 30 units of labor

ECON MICRO
ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter12: Labor Markets And Labor Unions
Section: Chapter Questions
Problem 1.3P
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Q)

a) What is the equilibrium wage rate and equilibrium level of employment?

  • A. $15 and 35 units of labor
  • B. $20 and 15 units of labor
  • C. $25 and 20 units of labor
  • D. $35 and 10 units of labor

b) If the government institutes a minimum wage rate at $30, the unemployment in the market will be:

  • A. 10 units of labor.
  • B. 15 units of labor.
  • C. 20 units of labor.
  • D. 25 units of labor.

C) f the government fixes a minimum wage rate at $15, the unemployment in the market will be:

  • A. 0 units of labor
  • B. 10 units of labor
  • C. 20 units of labor
  • D. 30 units of labor
The following figure shows the labor demand curve, LD1, and labor supply curve LS1 in a market. Wage ($) „LS 45 40 IN 35 30 25 20 15 10 iLD, 5 10 15 20 25 30 35 40 Quantity of Labor (units)
Transcribed Image Text:The following figure shows the labor demand curve, LD1, and labor supply curve LS1 in a market. Wage ($) „LS 45 40 IN 35 30 25 20 15 10 iLD, 5 10 15 20 25 30 35 40 Quantity of Labor (units)
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