Answered: Wage per hour $7.25 $6.50 $4.50 1 500…

Wage per hour $7.25 $6.50 $4.50 1 500 800 900 D₂ 1200 Number of workers Please refer to the graph shown above. If the government establishes a price floor of $4.50 per hour, there will be

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

Wage per hour
$7.25
$6.50
$4.50
500 800 900 1200
Number of workers
Please refer to the graph shown above. If the government establishes a price floor of $4.50 per hour, there will be:
Ono effect
O a shortage of 400 labor hours
a surplus of 300 labor hours
a shortage of 500 labor hours

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