wage rate quantity demanded quantity supplied

12 400 1000

11 600 900

10 800 800

9 1000 700

8 1200 500

The labor demand and labor supply schedules are given in the above. If a minimum wage of $9 per hour is imposed,

there is no surplus or shortage of workers.

there is unemployment of 700 workers.

a shortage of 300 workers occurs.

a surplus of 300 workers occurs.

the quantity demanded is 1,000 workers.