Figure 20-1
-Refer to Figure 20-1.If the government imposes a minimum wage of $8,then how many workers will be unemployed?

Name: Figure 20-1 -Refer to Figure 20-1.If the government imposes a minimum wage of $8,then how many workers will be unemployed?
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Question

Figure 20-1 
-Refer to Figure 20-1.If the government imposes a minimum wage of $8,then how many workers will be unemployed?

Quizplus · Accepted Answer

With a minimum wage of $8, the quantity of labor supplied will increase to 12,000 while the quantity of labor demanded will decrease to 8,000. This creates a surplus of 4,000 workers who will be unemployed.

Figure 20-1 -Refer to Figure 20-1.If the Government Imposes a Minimum Wage