Figure 8.2-Apple Production
-Refer to Figure 8.2.A minimum wage of W₂ will result in a surplus of ____ workers.

Name: Figure 8.2-Apple Production -Refer to Figure 8.2.A minimum wage of W 2 will result in a surplus of ____ workers.
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Question

Figure 8.2-Apple Production -Refer to Figure 8.2.A minimum wage of W₂ will result in a surplus of ____ workers.

Quizplus · Accepted Answer

At the minimum wage of W₂, the quantity of labor supplied by workers (Qs) is 4050 while the quantity of labor demanded by firms (Qd) is only 3000. Therefore, there will be a surplus of workers equal to Qs - Qd = 4050 - 3000 = 1050.