The figure below shows labor supply and labor demand curves.
-Refer to the figure above.Assume that the market is at equilibrium at w₂ and Q₂.A minimum wage is imposed at w₁.How will this affect unemployment?
A) Unemployment will decrease to Q₃ − Q₂
B) Unemployment will increase to Q₃ − Q₁
C) Unemployment will decrease to Q₂ − Q₁
D) Unemployment will increase to Q₂ − Q₁
Correct Answer:
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A)
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