Refer to Figure 4-18. If this graph represents a labor market ina fictional country, which of the following would be the resultof $5 minimum wage?4-18.pngPrice$5.004.002.0025456075it would cause a surplus of labor, also known asunemployment, equal to 35 workers.O it would make 20 workers worse off because they wouldgo from a job making $4.00 an hour to having no job atall.O it would make 25 workers better off because now theymake $5.00 an hour instead of $4.00 an hour.O All of the above are correct.

The market refers to a place where the sale and purchase of goods or services take place to fulfill…

Answered: Refer to Figure 4-18. If this graph…

Refer to Figure 4-18. If this graph represents a labor market in a fictional country, which of the following would be the result of $5 minimum wage? 4-18.png Price |

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q.3 minimum wage legislation
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