$17.00 $16.00 $15.00 $14 00 $13.00 $12.00 $11.00 $10.00 $9.00 $8.00 Demand 57 00 S6.00 $5.00 5400 $3.00 $2.00 $100 Supply Quantity of tabor (millions) At the equilibrium, what is a. Price? b Quantity supply? C Quantity demand? b. C. Suppose the government decides to pass a law to help control the price of labor. They set a new hourly wage price at $13. All employers must pay no less than $13 (though they can pay MORE if they want to). What kind of price control is this? What is the quantity demand of labor at this price? What is the quantity supplied of labor at this price? d. e. f. (oua) em Aanon
$17.00 $16.00 $15.00 $14 00 $13.00 $12.00 $11.00 $10.00 $9.00 $8.00 Demand 57 00 S6.00 $5.00 5400 $3.00 $2.00 $100 Supply Quantity of tabor (millions) At the equilibrium, what is a. Price? b Quantity supply? C Quantity demand? b. C. Suppose the government decides to pass a law to help control the price of labor. They set a new hourly wage price at $13. All employers must pay no less than $13 (though they can pay MORE if they want to). What kind of price control is this? What is the quantity demand of labor at this price? What is the quantity supplied of labor at this price? d. e. f. (oua) em Aanon
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
I need help 4, d to f
Transcribed Image Text:$17.00
$16 0
$15.00
$14 00
$13.00
$12.00
$11.00
$ $9.00
* S8.00
57 00
56.00
s5.00
$4.00
$3.00
$2 00
$100
De mand
Supply
Quantity of tabor (millions)
3 At the equilibrium, what is:
a.
Price?
b Quantity supply?
Quantity demand?
C.
4. Suppose the government decides to pass a law to help control the price of labor. They set a new
hourly wage price at $13. All employers must pay no less than $13 (though they can pay MORE
if they want to).
d. What kind of price control is this?
e What is the quantity demand of labor at this priice
f What is the quantity supplied of labor at this price?
e How did the quantity demand of labor change with this new price?,
E How did the quantity supplied of labor change with this new price?
1.
Are there too many workers available now or too tew?
What is this problem called?
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