Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied (Thousands of workers) (Thousands of workers) Shortage or Surplus? Wage $9.00 Suppose the federal government contemplates a new law that would create a national minimum wage of $9.00 per hour. Which of the following statements are true? Check all that apply. If the minimum wage is set at $12.50, the market will not reach equilibrium. In this labor market, a minimum wage of $9.00 is binding. Binding minimum wages cause frictional unemployment. In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium.
Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied (Thousands of workers) (Thousands of workers) Shortage or Surplus? Wage $9.00 Suppose the federal government contemplates a new law that would create a national minimum wage of $9.00 per hour. Which of the following statements are true? Check all that apply. If the minimum wage is set at $12.50, the market will not reach equilibrium. In this labor market, a minimum wage of $9.00 is binding. Binding minimum wages cause frictional unemployment. In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium.
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 13QP
Related questions
Question
![Consider the labor market defined by the supply and demand curves plotted on the following graph.
Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator.
WAGE (Dollars per hour)
24
21
18
15
12
6
3
0
0
Supply
Demand
150 300 450 600 750 900 1050 1200
LABOR (Thousands of workers)
Graph Input Tool
Market for Labor
Wage
(Dollars per hour)
Labor Demanded
(Thousands of
workers)
Which of the following statements are true? Check all that apply.
3.00
1,050
Labor Supplied
(Thousands of
workers)
Suppose the federal government contemplates a new law that would create a national minimum wage of $9.00 per hour.
Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result
in a shortage or a surplus.
Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers.
Labor Demanded
Labor Supplied
Wage (Thousands of workers)
(Thousands of workers) Shortage or Surplus?
$9.00
?
If the minimum wage is set at $12.50, the market will not reach equilibrium.
In this labor market, a minimum wage of $9.00 is binding.
Binding minimum wages cause frictional unemployment.
In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium.
150](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F433970a0-2e77-4de1-966b-d8be0cf5bec0%2F2df6f1e6-6318-4fb9-86f8-df81c6b2613c%2Ftif9zplasc_processed.png&w=3840&q=75)
Transcribed Image Text:Consider the labor market defined by the supply and demand curves plotted on the following graph.
Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator.
WAGE (Dollars per hour)
24
21
18
15
12
6
3
0
0
Supply
Demand
150 300 450 600 750 900 1050 1200
LABOR (Thousands of workers)
Graph Input Tool
Market for Labor
Wage
(Dollars per hour)
Labor Demanded
(Thousands of
workers)
Which of the following statements are true? Check all that apply.
3.00
1,050
Labor Supplied
(Thousands of
workers)
Suppose the federal government contemplates a new law that would create a national minimum wage of $9.00 per hour.
Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result
in a shortage or a surplus.
Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers.
Labor Demanded
Labor Supplied
Wage (Thousands of workers)
(Thousands of workers) Shortage or Surplus?
$9.00
?
If the minimum wage is set at $12.50, the market will not reach equilibrium.
In this labor market, a minimum wage of $9.00 is binding.
Binding minimum wages cause frictional unemployment.
In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium.
150
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