Consider the market for labor pictured in the graph. Wage (pesos) The Labor Market 100 90...

 

 

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Consider the market for labor pictured in the graph. Wage (pesos) The Labor Market 100 90 80 70 60 50 40 30 20 10 °. 0 Labor Supply Labor Demand 10 20 30 40 50 60 70 80 90 100 Labor (millions) Instructions: Enter whole numbers in each box. a. The equilibrium wage is equal to] A Ө pesos and at this wage| million people are employed. million people will be employed and million people b. If the government sets a minimum wage equal to 70 pesos, then will be unemployed. Consider the market for labor pictured in the graph. Wage (pesos) The Labor Market 100 90 80 70 60 50 40 30 20 10 °. 0 Labor Supply Labor Demand 10 20 30 40 50 60 70 80 90 100 Labor (millions) Instructions: Enter whole numbers in each box. a. The equilibrium wage is equal to] A Ө pesos and at this wage| million people are employed. million people will be employed and million people b. If the government sets a minimum wage equal to 70 pesos, then will be unemployed.

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To calculate the number of people employed at the markets equilibrium wage and the number of people ... View the full answer