Complete the following table with the quantity of labor supplied and demanded if the wage is set at $10.00. Then indicate whether this wage will resu 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? $10.00 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $10.00. Which of the following statements are true? Check all that apply. If the minimum wage were set at $7.50, the market would still be able to reach equilibrium. In this labor market, a minimum wage of $10.00 would be binding. Binding minimum wages increase the natural rate of unemployment. In the absence of price controls, a surplus 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 $10.00. Then indicate whether this wage will resu 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? $10.00 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $10.00. Which of the following statements are true? Check all that apply. If the minimum wage were set at $7.50, the market would still be able to reach equilibrium. In this labor market, a minimum wage of $10.00 would be binding. Binding minimum wages increase the natural rate of unemployment. In the absence of price controls, a surplus puts upward pressure on wages until they rise to the equilibrium.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Unemployment

Section20.3: Minimum-wage Laws

Problem 3QQ

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