To visualize the impact of the minimum wage on the labor market, I have created an original graph (see below). This graph depicts a hypothetical labor market before and after an increase in the minimum wage. [Please insert your original graph here.] In the graph, the x-axis represents the quantity of labor, and the y-axis represents the wage rate. The blue curve (labeled "Initial Equilibrium") represents the initial labor market equilibrium, where the supply of labor (S) intersects with the demand for labor (D) at point A, determining the initial wage rate and employment level. The red curve (labeled "After Minimum Wage Increase") illustrates the impact of a minimum wage hike. When the government imposes a higher minimum wage, it acts as a price floor (represented by the horizontal line). This results in a new equilibrium at point B, where the wage rate is higher, but employment is lower compared to the initial equilibrium.
draw a graph with this difinitions
To visualize the impact of the minimum wage on the labor market, I have created an original graph (see below). This graph depicts a hypothetical labor market before and after an increase in the minimum wage.
[Please insert your original graph here.]
In the graph, the x-axis represents the quantity of labor, and the y-axis represents the wage rate. The blue curve (labeled "Initial Equilibrium") represents the initial labor
The red curve (labeled "After Minimum Wage Increase") illustrates the impact of a minimum wage hike. When the government imposes a higher minimum wage, it acts as a
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