Suppose the wage is $15 per hour.At this wage,firms are willing to hire 200 million people,and 220 million people are willing to work.
(A)Identify the number of people employed and unemployed,and illustrate on a labor-supply-and-demand diagram.
(B)Suppose a number of people leave the labor force because of early retirement and a reduction in the number of two-career families.In this case,the number of people willing to work at each wage is reduced by 20 million people.Explain what happens to the number of people employed and the number of people unemployed.What do you think will happen to the wage?

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The Answer of Suppose the wage is $15 per hour.At this wage,firms are willing to hire 200 million people,and 220 million people are willing to work.
(A)Identify the number of people employed and unemployed,and illustrate on a labor-supply-and-demand diagram.
(B)Suppose a number of people leave the labor force because of early retirement and a reduction in the number of two-career families.In this case,the number of people willing to work at each wage is reduced by 20 million people.Explain what happens to the number of people employed and the number of people unemployed.What do you think will happen to the wage?

Suppose the Wage Is $15 Per Hour