Suppile Wage (Thousands of workers) (Thousands of workers) $7.50 625 375 Shortage or Surplus? Shortage Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $7.50. Which of the following statements are true? Check all that apply. In this labor market, a minimum wage of $10.50 would be binding. If the minimum wage is set at $7.50, the market will still be able to reach equilibrium. In the absence of price controls, a shortage puts downward pressure on wages until they fall to the equilibrium. Binding minimum wages cause cyclical unemployment.

Suppile Wage (Thousands of workers) (Thousands of workers) $7.50 625 375 Shortage or Surplus? Shortage Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $7.50. Which of the following statements are true? Check all that apply. In this labor market, a minimum wage of $10.50 would be binding. If the minimum wage is set at $7.50, the market will still be able to reach equilibrium. In the absence of price controls, a shortage puts downward pressure on wages until they fall to the equilibrium. Binding minimum wages cause cyclical unemployment.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Labor Demanded
Wage (Thousands of workers)
625
$7.50
Labor Supplied
(Thousands of workers)
375
Shortage or Surplus?
Shortage
Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $7.50.
Which of the following statements are true? Check all that apply.
In this labor market, a minimum wage of $10.50 would be binding.
If the minimum wage is set at $7.50, the market will still be able to reach equilibrium.
In the absence of price controls, a shortage puts downward pressure on wages until they fall to the equilibrium.
Binding minimum wages cause cyclical unemployment.

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