15.Answer the next question based on the table below.

Wage rate (dollars per hour) Labor supplied (millions of workers) Labor demanded (millions of workers)

11 7 1

10 6 2

9 5 3

8 4 4

7 3 5

What is the equilibrium wage rate in an unregulated market (no minimum wage)?

$9.00 per hour

$8.00 per hour.

$10.00 per hour

$7.00 per hour

15.b.What is the level of unemployment (in millions of workers) if the minimum wage is set at $10 per hour?

4

2

0

1

15.c. If the minimum wage is set at $11 per hour, the number of unemployed workers will be

0

4 million

6 million

2 million

15.d.If the market is in equilibrium today, and tomorrow a minimum wage is set at $10 per hour, the number of workers who will lose their jobs is

1 million

0

4 million

2 million

16.When demand decreases in a graph of demand and supply:

both equilibrium price and quantity will decrease.

equilibrium price will decrease, but equilibrium quantity will increase.

equilibrium price will increase, but equilibrium quantity will decrease.

both equilibrium price and quantity will increase.

17.When demand decreases in a graph of demand and supply:

both equilibrium price and quantity will decrease.

equilibrium price will decrease, but equilibrium quantity will increase.

equilibrium price will increase, but equilibrium quantity will decrease.

both equilibrium price and quantity will increase.

18.When supply decreases in a graph of demand and supply:

both equilibrium price and quantity will increase.

both equilibrium price and quantity will decrease.

equilibrium price will decrease, but equilibrium quantity will increase.

equilibrium price will increase, but equilibrium quantity will decrease.