The figure below shows labor supply and labor demand curves.
-Refer to the figure above.Assume that the demand for labor currently is equal to the new demand for labor curve.A minimum wage is in place at w₁.What might be the impact of a law that requires companies to replace 20 percent of robots with manual human labor?
A) Unemployment would decrease because the supply of labor decreases.
B) Unemployment would increase because the supply of labor decreases.
C) Unemployment would increase because the demand for labor decreases.
D) Unemployment would decrease because the demand for labor decreases.
Correct Answer:
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