Next question The figure shows the labor market in a region. For a minimum wage to change the wage rate and amount of employment, it must be Wage rate (dollars per hour) 12 O A. left to the forces of supply and demand. 10 B. set above $6 an hour. 8 C. set below $6 an hour. D. set at $12 per hour. E. set equal to $6 an hour. 0 20 40 60 80 100 120 140 Quantity (thousands of workers) ncem ue As nt Ass Time Remaining: 00:58:15 mpleted Next 1-significant figures and units of measure Macintosh HD Users justinroditti » Downloads Feb 7 Chis course (EC 41
Next question The figure shows the labor market in a region. For a minimum wage to change the wage rate and amount of employment, it must be Wage rate (dollars per hour) 12 O A. left to the forces of supply and demand. 10 B. set above $6 an hour. 8 C. set below $6 an hour. D. set at $12 per hour. E. set equal to $6 an hour. 0 20 40 60 80 100 120 140 Quantity (thousands of workers) ncem ue As nt Ass Time Remaining: 00:58:15 mpleted Next 1-significant figures and units of measure Macintosh HD Users justinroditti » Downloads Feb 7 Chis course (EC 41
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The figure shows the labor market in a region. For a minimum wage to change the
wage rate and amount of employment, it must be
Wage rate (dollars per hour)
12
O A. left to the forces of supply and demand.
10
O B. set above $6 an hour.
8
O C. set below $6 an hour.
O D. set at $12 per hour.
O E. set equal to $6 an hour.
2
20 40 60 80 100 120 140
Quantity (thousands of workers)
ouncem
st Due As
urrent Ass
FEB
20
O Time Remaining: 00:58:15
Completed
Next
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Expert Solution
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Minimum wage is a form of price floor initiated by the government to ensure that the laborers are paid proper wages according to the work provided by them. It is the lowest remuneration that employers are legally meant to pay their employees. Minimum wages tend to increase the cost of labor and to avoid higher costs the companies often chose to reduce the demand for labor to avoid any loss in profits. This is the reason why with the implementation of minimum wages unemployment often increases.
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