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-The Above Figure Represents the Market for Teenage Workers at Fast-Food

Question 379

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  -The above figure represents the market for teenage workers at fast-food restaurants in Kansas City. a) What is the equilibrium wage rate and employment? b) Describe the market at a wage rate of $6 per hour. c) Describe the market at a wage rate of $12 an hour. d) How would an increase in the number of young, married college graduates, who tend to eat at fast-food restaurants, affect the figure, the equilibrium wage rate, and employment?
-The above figure represents the market for teenage workers at fast-food restaurants in Kansas City.
a) What is the equilibrium wage rate and employment?
b) Describe the market at a wage rate of $6 per hour.
c) Describe the market at a wage rate of $12 an hour.
d) How would an increase in the number of young, married college graduates, who tend to eat at fast-food restaurants, affect the figure, the equilibrium wage rate, and employment?

Correct Answer:

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a) The equilibrium wage rate is $8 an ho...

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