In Figure 8.7, (a) How many workers lose their jobs when the minimum wage is enacted? (b)
Question:
(a) How many workers lose their jobs when the minimum wage is enacted?
(b) How many workers are unemployed at the minimum wage?
FIGURE 8.7
Transcribed Image Text:
Labor demand Labor supply Market surplus Wm Minimum wage Equilibrium wage rate Workers who keep jobs at higher wage Job losers ! New entrants who can't find jobs Че 9а QUANTITY OF LABOR (hours per year) WAGE RATE (dollars per hour)
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a q e q d b q s q d Explanation At the equilibrium q e workers are hired at the wage rate w e ...View the full answer
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