Price (wage) Beth and Edward are sick of the rain in their home state of Oregon. Because they both work for minimum wage, they want to relocate to a state with a minimum wage that is higher than Oregon's. Manipulate the minimum wage line segment on the graph to show a binding price floor. Quantity (labor) According to the textbook, which state has a Minimum wage Supply minimum wage that is higher than Oregon's? Tennessee Florida Washington Utah Demand
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- The minimum wage originally was only 25 cents an hour. Today it is $7.25 an hour. Assume that Congress is considering raising the minimum wage again and your U.S. representative is asking for public opinion on this issue. Write a letter to your representative with arguments for and against a higher minimum wage.Don't use ai i will report you answer solve it as soon as possible with proper explanationThe table shows the market for yoga instructors in Louisiana. a. If Louisiana introduces a strictly enforced minimum wage for yoga instructors of $13.75 an hour, yoga instructors are employed. This causes OA a shortage of labor OB. a surplus of labor OC. neither a surplus nor a shortage of labor and thus, yoga instructors are unemployed. b. If Louisiana introduces a strictly enforced minimum wage for yoga instructors of $16.25 an hour, yoga instructors are employed. This causes OA. a surplus of labor OB. a shortage of labor OC. neither a surplus nor a shortage of labor and thus, yoga instructors are unemployed. Wage rate (dollars per hour) 12.50 13.75 15.00 16.25 17.50 18.75 Quantity demanded (yoga instructors) 600 500 Quantity supplied 400 300 200 100 300 350 400 450 500 550
- Google Chrome "quiz/attempt.php?attempt3D1472513&cmid%3720934&page=D19 (Academic) 22 LS 20 18 Minimum wage 16 14 12 10 LD 100 200 300 400 500 600 700 Quantity (thousands of workers} The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, what is TRUE? Select one: O a. The lowest wage for which someone is willing to work is $18 an hour. Ob. 200,000 workers are employed. O c. The quantity of jobs demanded is more than the quantity supplied. O d. The quantity of jobs increases to 400,000. O e. The lowest wage for which someone is willing to work is $20 an hour. arcan coing search 00 HUAWEI Nova 3 AI CAMERAOnly typed answer and don't use chat GPTIn this market, the equilibrium hourly wage is ___, and the equilibrium quantity of labor is thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a . For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls. Wage Labor Demanded Labor Supplied Pressure on Wages (Dollars per hour) (Thousands of workers) (Thousands of workers) 8 12 True or False: A minimum wage above $10 per hour is a binding minimum wage in this market. True False
- a. Demonstrate graphically the effect of a minimum wage law. 3 Instructions: First use the tool 'EQ' to identify the equilibrium wage. Then use the tool 'Qp' to identify the quantity demanded of labor if the minimum wage is $14. Finally, use the tool 'Qg' to identify the quantity supplied of labor if the minimum wage is $14. 20 14- 12- 10- 8- 4- 2- Labor Market 50 60 70 Quantity of labor reset D 100 If the minimum wage is $14, the quantity demanded of labor is wage causes (Click to select) b. Does economic theory tell us such a law would be a bad idea? EQ and the quantity supplied of labor is This minimum. O Economic theory tells us that such a law would be a good idea. It raises the wages of those who are employed. O Economic theory tells us that such a law would be a bad idea. It creates unemployment and wages that are higher than employees deserve. O Economic theory tells us that such a law would be a good idea. It means that employers would hire fewer employees and those employees…9. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool 20 Market for Labor in the Fast Food Industry 18 I Wage (Dellars per hour) 6 Supply 18 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 900 378 14 12 10 Demand 90 100 270 380 450 540 430 720 810 900 LABOR (Thousands of workers) WAGE (Doll ars per hour)The table shows the market for house painters in New Mexico. a. If New Mexico introduces a strictly enforced minimum wage for house painters of $5.00 an hour, house painters are employed. This causes OA. a surplus of labor OB. a shortage of labor OC. neither a surplus nor a shortage of labor CAIR and thus, house painters are unemployed. b. If New Mexico introduces a strictly enforced minimum wage for house painters of $6.50 an hour, house painters are employed. This causes OA. a surplus of labor OB. a shortage of labor O c. neither a surplus nor a shortage of labor and thus, house painters are unemployed. Wage rate (dollars per hour) 5.00 5.50 6.00 6.50 7.00 7.50 Quantity demanded Quantity supplied (house painters) 300 250 200 150 100 50 150 175 200 225 250 275
- y. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE (Dollars per hour) 20 18 16 14 12 10 4 2 0 Supply Demand 0 60 120 180 240 300 360 420 480 540 600 LABOR (Thousands of workers) In this market, the equilibrium hourly wage is $ Graph Input Tool Market for Labor in the Fast Food Industry Wage (Dollars per hour) Labor Demanded (Thousands of workers) and the equilibrium quantity of labor is 8 360 Labor Supplied (Thousands of workers) thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $8. This type of price control is called a ? 240WAGE (Dollars per hour) 16 14 12 10 8 6 4 2 0 Supply Demand 200 400 600 800 1000 1200 1400 1600 LABOR (Thousands of workers) Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) Which of the following statements are true? Check all that apply. 6.00 1,000 Shortage or Surplus? Shortage Labor Supplied (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $6.00. 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) $6.00 1,000 600 Suppose the federal government contemplates a new law that would create a national minimum wage of $6.00 per hour. 600 In this labor market, a minimum wage of $8.50 would be binding. □ If the minimum wage is set at $6.00, the market…i need help with this question 5 from my microeconmics assigments. i have already gotten it wrong twice.