Figure: Labor Market 3 Refer to the figure.In the diagram,a minimum wage of $7 causes a deadweight loss of:

Name: Figure: Labor Market 3 Refer to the figure.In the diagram,a minimum wage of $7 causes a deadweight loss of:
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Question

Figure: Labor Market 3  Refer to the figure.In the diagram,a minimum wage of $7 causes a deadweight loss of:

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When a minimum wage is introduced, there is a reduction in employment from Q1 to Q2. The deadweight loss is represented by the triangle formed by points X, Y, and Z. Therefore, the answer is B, which represents the sum of X and Z.

Figure: Labor Market 3 Refer to the Figure