QUESTION 18 You are given the following data of a labor market for an imaginary economy? Hourly Wages Quantity Demanded Quantity Supplied 6,000 $8 10,000 $10 9,000 7,000 $12 8,000 8,000 $13 7,000 9,000 $15 6,000 10,000 Assume that the government of this economy imposed a minimum wage of $10. As a result 9,000 people will be employed. 8,000 people will be employed. 2,000 people will be unemployed. zero people will be unemployed.

QUESTION 18 You are given the following data of a labor market for an imaginary economy? Hourly Wages Quantity Demanded Quantity Supplied 6,000 $8 10,000 $10 9,000 7,000 $12 8,000 8,000 $13 7,000 9,000 $15 6,000 10,000 Assume that the government of this economy imposed a minimum wage of $10. As a result 9,000 people will be employed. 8,000 people will be employed. 2,000 people will be unemployed. zero people will be unemployed.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table below describes labor supply and labor demand schedules. Wage $15 $16 Labor supply 400 workers 500 workers 600 workers $17 $18 $19 $20 $21 Find the equilibrium amount of employment in this market. Type your answer.... 700 workers 800 workers 900 workers 1,000 workers Labor demand 1,000 workers 900 workers 800 workers 700 workers 600 workers 500 workers 400 workers Next
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7.Draw a theoretical market for low-skilled labor along with a non-binding minimum wage. Indicate if there is a shortage or surplus; and if there is, explain what it means
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