Question: For the first question it asked if this is an example of a price floor or price celling for the options for the dropdown section
For the first question it asked if this is an example of a price floor or price celling for the options for the dropdown section


Consider the labour market for the city of Mountain Wew. The quantities of labour demanded and supplied are given in the table at right. In a well-functioning labour market the market-clearing wage would be $7 and 900 persons would be employed. The government of Mountain View decides to require a minimum wage of $9. This is an example of a price V which will occur when the government sets the price Enter your answer in the answer box and then click Check Answer. Labour Market below above equal to Quantity Quantity Price Demanded Supplied $10 600 1 ,200 $9 700 1,100 $8 800 1 ,000 $7 900 900 $6 1 .000 800 $5 1 ,1 00 700 $4 1 ,200 600 Wage Rate Quantity Supplied Quantity Demanded {per hour) (hours per week) (hours per week) $14 1 ,000 200 $12 800 400 $10 600 600 $8 400 800 Suppose that Table 1 gives the supply and demand schedules for teenage labour in Moncton, New Brunswick. Suppose the Moncton City Council sets a minimum wage of $14 per hour. Teenage unemployment is O A. 400 hours. 0 B. 200 hours. O C. 0 hours. 0 D. 800 hours
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