Solved

Table 28-4
the Following Data Is About the Labor Market

Question 349

Multiple Choice

Table 28-4
The following data is about the labor market in the city of Productionville.


 Wage  (Dollars per hour)   Quantity Demanded  (Units)   Quantity Supplied  (Units)  86,00016,00079,00014,000612,00012,000515,00010,000418,0008,000\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Wage } \\\text { (Dollars per hour) }\end{array} & \begin{array} { c } \text { Quantity Demanded } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Quantity Supplied } \\\text { (Units) }\end{array} \\\hline 8 & 6,000 & 16,000 \\\hline 7 & 9,000 & 14,000 \\\hline 6 & 12,000 & 12,000 \\\hline 5 & 15,000 & 10,000 \\\hline 4 & 18,000 & 8,000 \\\hline\end{array}
-Refer to Table 28-4. If the local government imposed a minimum wage of $7 in Productionville, how many people would be unemployed?


A) 0
B) 2,000
C) 5,000
D) 10,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents