
-Refer to the graph above to answer this question.What is the result if the government establishes minimum wage of $7 in this market?
A) Firms would employ 22,000 workers.
B) There would be a shortage of 3,000 workers.
C) 1,000 of the employed workers would be prepared to work for $1 an hour less.
D) There would be 3,000 unemployed workers.
E) 19,000 workers would be willing and able to work.
Correct Answer:
Verified
Q56: The data shows the market for daycare
Q57: Q58: The data shows the demand and supply Q59: Q60: Q62: Below is the hypothetical demand for water Q63: What will happen if both the demand Q64: A minimum wage is an example of Q65: Q66: Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents![]()
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