by- Based on the accompanying labor-market diagram, if the minimum wage is increased from $7 to $9 per hour, the number of unemployed workers will workers. Wages per hour $10 $9 $7 Labor Supply 4 60 80 100 120 140 Number of workers employed Labor Demand

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Based on the accompanying labor-market diagram, if the minimum wage is increased
by
from $7 to $9 per hour, the number of unemployed workers will
workers.
Wages
per hour
$10
$9
$7
Labor
Supply
A
60 80 100 120 140
Number of workers employed
Labor
Demand
Answer: Since the price floor is not binding, the number of unemployed workers will not
change
Transcribed Image Text:Based on the accompanying labor-market diagram, if the minimum wage is increased by from $7 to $9 per hour, the number of unemployed workers will workers. Wages per hour $10 $9 $7 Labor Supply A 60 80 100 120 140 Number of workers employed Labor Demand Answer: Since the price floor is not binding, the number of unemployed workers will not change
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