$$\begin{array} { c c c }
\begin{array} { c }
\text { Real wage rate Quantity of labor demanded } \
\text { (2005 dollars } \
\text { (millions of hours } \
\text { per hour) }
\end{array} & \begin{array} { c }
\text { Quantity of labor supplied } \
\text { (millions of hours } \
\text { per month) }
\end{array} \
\hline 7.15 & 90 & 25 \
7.65 & 70 & 32 \
8.00 & 60 & 60 \
8.50 & 45 & 70 \
9.00 & 20 & 85 \
\hline
\end{array}$$
-The table above gives the labor market for a small foreign economy.A minimum wage law that sets the minimum wage rate at $8.50 per hour produces

Question

$$\begin{array} { c c c } 
\begin{array} { c } 
\text { Real wage rate Quantity of labor demanded } \
\text { (2005 dollars } \
\text { (millions of hours } \
\text { per hour) }
\end{array} & \begin{array} { c } 
\text { Quantity of labor supplied } \
\text { (millions of hours } \
\text { per month) }
\end{array} \
\hline 7.15 & 90 & 25 \
7.65 & 70 & 32 \
8.00 & 60 & 60 \
8.50 & 45 & 70 \
9.00 & 20 & 85 \
\hline
\end{array}$$
-The table above gives the labor market for a small foreign economy.A minimum wage law that sets the minimum wage rate at $8.50 per hour produces

Quizplus · Accepted Answer

At $8.50 per hour, the quantity of labor supplied is 70 million hours, and the quantity of labor demanded is 45 million hours, resulting in a surplus of 25 million hours.

-The Table Above Gives the Labor Market for a Small