Consider the following supply/demand diagram of the labor market and please fill in all of the blanks below.Wage($/hr) 9SXD+++4 5 6 7 8 9 10#of Workers1. The equilbirum wage isdollars per hour and the equlibrium level of employment isworkers.workers would be2. If the government set the minimum wage to $4 per hour, thenemployed andworkers would be unemployed3. If the government set the minimum wage to be $7 per hour, thenemployed andworkers would be unemployed4. The unemployment generated in question (3) isstructural).5. At a minimum wage of $7, the unemployment rate in this labor market isround your answer to 2 decimal places).250 US8२5324E드59#Sworkers would be(choose one frictional, cylical, orpercent (please

Equilibrium in the labor market occurs at the intersection point of labor demand and labor supply…

Answered: the following supply/demand diagram of…

the following supply/demand diagram of the labor market and please fill in all of the blanks below. Wage ($/hr) lo S 25% S 9 G 4 3 D

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Unemployment

Section: Chapter Questions

Problem 4CQQ

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Question

Consider the following supply/demand diagram of the labor market and please fill in all of the blanks below.
Wage
($/hr) 9
S
X
D
+++
4 5 6 7 8 9 10
#
of Workers
1. The equilbirum wage is
dollars per hour and the equlibrium level of employment is
workers.
workers would be
2. If the government set the minimum wage to $4 per hour, then
employed and
workers would be unemployed
3. If the government set the minimum wage to be $7 per hour, then
employed and
workers would be unemployed
4. The unemployment generated in question (3) is
structural).
5. At a minimum wage of $7, the unemployment rate in this labor market is
round your answer to 2 decimal places).
250 US
8
२
532
4
E
드
59
#S
workers would be
(choose one frictional, cylical, or
percent (please

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