The table below shows the labour demand and labour supply schedules in a competitive labour market. $$\begin{array} { | c | c | c | }
\hline \begin{array} { c }
\text { Wage Rate } \
\text { (\$/hour) }
\end{array} & \begin{array} { c }
\text { Quantity } \
\text { Demanded } \
\text { of Labour } \
\text { (hours/month) }
\end{array} & \begin{array} { c }
\text { Quantity Supplied } \
\text { of Labour } \
\text { (hours/month) }
\end{array} \
\hline 10 & 1300 & 500 \
\hline 12 & 1000 & 1000 \
\hline 14 & 800 & 1300 \
\hline 15 & 400 & 1500 \
\hline 17 & 200 & 1800 \
\hline
\end{array}$$ TABLE 14- 1
-Refer to Table 14- 1.In a competitive labour market,a legislated minimum wage imposed at $14 per hour would

Question

The table below shows the labour demand and labour supply schedules in a competitive labour market. $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Wage Rate } \
\text { (\$/hour) }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Demanded } \
\text { of Labour } \
\text { (hours/month) }
\end{array} & \begin{array} { c } 
\text { Quantity Supplied } \
\text { of Labour } \
\text { (hours/month) }
\end{array} \
\hline 10 & 1300 & 500 \
\hline 12 & 1000 & 1000 \
\hline 14 & 800 & 1300 \
\hline 15 & 400 & 1500 \
\hline 17 & 200 & 1800 \
\hline
\end{array}$$ TABLE 14- 1
-Refer to Table 14- 1.In a competitive labour market,a legislated minimum wage imposed at $14 per hour would

Quizplus · Accepted Answer

At $14 per hour, the quantity of labor supplied is 1300 hours/month, and the quantity demanded is 800 hours/month, leading to unemployment of 500 hours/month (1300 - 800 = 500).

The Table Below Shows the Labour Demand and Labour Supply