Labor Market Data
Below is some hypothetical data on the labor market. $$\begin{array} { | c | c | c | }
\hline \text { wage } & \text { quuantity demanded } & \text { quuanty 5upplied } \
\hline \$ 7 & 9,000 & 14,000 \
\hline \$ 6 & 12,000 & 12,000 \
\hline \$ 5 & 15,000 & 10,000 \
\hline
\end{array}$$
-Refer to Labor Market Data. If the government imposed a minimum wage of $7, what would unemployment be?
A)0
B)2,000
C)3,000
D)5,000

Question

Labor Market Data
Below is some hypothetical data on the labor market. $$\begin{array} { | c | c | c | } 
\hline \text { wage } & \text { quuantity demanded } & \text { quuanty 5upplied } \
\hline \$ 7 & 9,000 & 14,000 \
\hline \$ 6 & 12,000 & 12,000 \
\hline \$ 5 & 15,000 & 10,000 \
\hline
\end{array}$$
-Refer to Labor Market Data. If the government imposed a minimum wage of $7, what would unemployment be?
A)0
B)2,000
C)3,000
D)5,000

Quizplus · Accepted Answer

At a wage of $7, the quantity supplied is 14,000 and the quantity demanded is 9,000, resulting in unemployment of 5,000 (14,000 - 9,000).

Labor Market Data Below Is Some Hypothetical Data on the Labor

Labor Market Data
Below Is Some Hypothetical Data on the Labor