Use the figure below to answer the following questions. Figure 6.2.1
-Refer to Figure 6.2.1.Suppose a $10 per hour minimum wage is in force.What is the lowest wage per hour an unemployed person would be willing to accept?
A)$4
B)$6
C)$8
D)$10
E)$2

Question

Use the figure below to answer the following questions.  Figure 6.2.1
-Refer to Figure 6.2.1.Suppose a $10 per hour minimum wage is in force.What is the lowest wage per hour an unemployed person would be willing to accept?
A)$4 
B)$6 
C)$8 
D)$10 
E)$2

Quizplus · Accepted Answer

The lowest wage that an unemployed person would be willing to accept is where the supply curve intersects with the $10 minimum wage line, which is at $6 per hour. This is the point where the quantity supplied is equal to the quantity demanded. Any wage below $6 would result in a shortage of labor and any wage above $6 would result in a surplus of labor.

Use the Figure Below to Answer the Following Questions