(Figure: Kenyan Labor Market) The labor market begins in equilibrium. Then, the government of Kenya implements a minimum wage of 15,000 Kenyan shillings per month. After the implementation of the minimum wage, the number of workers hired people. Wage (Kenyan shillings per month) 20,000 15,000 12,000 10,000 20,000 36,000 30,000 45,000 Supply Demand 60,000 Quantity of labor

(Figure: Kenyan Labor Market) The labor market begins in equilibrium. Then, the government of Kenya implements a minimum wage of 15,000 Kenyan shillings per month. After the implementation of the minimum wage, the number of workers hired people. Wage (Kenyan shillings per month) 20,000 15,000 12,000 10,000 20,000 36,000 30,000 45,000 Supply Demand 60,000 Quantity of labor

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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