The table below shows the competitive labour demand and labour supply schedules in a particular labour market. $\begin{array}{|l|l|l|}
\hline \text { Wage Rate } & \text { Demanded } & \text { Supplied } \
(\$ / \text { hour }) & \text { Quantity of } & \text { Quantity }\
&\text { Labour } & \text { of Labour } \&\text { (hours/month) }&\text { (hours/month) }\
\hline \$ 4 & 1300 & 500 \
\hline \$ 6 & 1000 & 1000 \
\hline \$ 8 & 800 & 1300 \
\hline \$ 9 & 400 & 1500 \
\hline 11 & 200 & 1800 \
\hline
\end{array}$
$\text { TABLE } 14-1$
-Refer to Table 14- 1. In a competitive labour market, a legislated minimum wage imposed at $8 per hour would

Question

The table below shows the competitive labour demand and labour supply schedules in a particular labour market. $\begin{array}{|l|l|l|}
\hline \text { Wage Rate } & \text { Demanded } & \text { Supplied } \
(\$ / \text { hour }) & \text { Quantity of } & \text { Quantity }\
&\text { Labour } & \text { of Labour } \&\text { (hours/month) }&\text { (hours/month) }\
\hline \$ 4 & 1300 & 500 \
\hline \$ 6 & 1000 & 1000 \
\hline \$ 8 & 800 & 1300 \
\hline \$ 9 & 400 & 1500 \
\hline 11 & 200 & 1800 \
\hline 
\end{array}$
$\text { TABLE } 14-1$
-Refer to Table 14- 1. In a competitive labour market, a legislated minimum wage imposed at $8 per hour would

Quizplus · Accepted Answer

At $8 per hour, the quantity of labor supplied is 1300 hours, and the quantity demanded is 800 hours, leading to unemployment of 500 units (1300 - 800).

The Table Below Shows the Competitive Labour Demand and Labour