Let's stick to interpreting the graph and assume that LO people had jobs before the minimum wage was established. Now, with the minimum wage, LDmw people have jobs. - Avs So, according to the graph some people lost their jobs Jordan Lama When the wage rose, firms decreased their quantity of labor demanded. Ava Well, that's bad! What happened to the people who kept their jobs? Their wage fell from the minimum wage to Wo Their wage didn't change. Their wage rose from Wo" to the minimum wage Submit Minimum Wage DWI Wage Rate Min Wage W₂" LD Lo* LSW LS LD Quantity of Labor

Let's stick to interpreting the graph and assume that LO people had jobs before the minimum wage was established. Now, with the minimum wage, LDmw people have jobs. - Avs So, according to the graph some people lost their jobs Jordan Lama When the wage rose, firms decreased their quantity of labor demanded. Ava Well, that's bad! What happened to the people who kept their jobs? Their wage fell from the minimum wage to Wo Their wage didn't change. Their wage rose from Wo" to the minimum wage Submit Minimum Wage DWI Wage Rate Min Wage W₂" LD Lo* LSW LS LD 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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