$\begin{array} { c c c }
\hline \begin{array} { c }
\text { Real wage rate } \
\text { (2005 dollars } \
\text { per hour) }
\end{array} & \begin{array} { c }
\text { Quantity of labor demanded } \
\text { (millions of hours } \
\text { per month) }
\end{array} & \begin{array} { c }
\text { Quantity of labor supplied } \
\text { (millions of hours } \
\text { per month) }
\end{array} \
\hline 5 & 360 & 260 \
10 & 325 & 275 \
15 & 300 & 300 \
20 & 280 & 330 \
25 & 250 & 350 \
\hline
\end{array}$
According to the above table, if the minimum wage is set at $20 per hour, then

Question

$\begin{array} { c c c } 
\hline \begin{array} { c } 
\text { Real wage rate } \
\text { (2005 dollars } \
\text { per hour) }
\end{array} & \begin{array} { c } 
\text { Quantity of labor demanded } \
\text { (millions of hours } \
\text { per month) }
\end{array} & \begin{array} { c } 
\text { Quantity of labor supplied } \
\text { (millions of hours } \
\text { per month) }
\end{array} \
\hline 5 & 360 & 260 \
10 & 325 & 275 \
15 & 300 & 300 \
20 & 280 & 330 \
25 & 250 & 350 \
\hline
\end{array}$
According to the above table, if the minimum wage is set at $20 per hour, then

Quizplus · Accepted Answer

At a $20 per hour wage, the quantity of labor demanded is 280 million hours, and the quantity of labor supplied is 330 million hours, resulting in an excess supply of 50 million hours.

According to the Above Table, If the Minimum Wage Is