Figure 10-1

-Refer to Figure 10-1. If the government imposes a minimum wage of $4, then how many workers will be employed?

Name: Figure 10-1 -Refer to Figure 10-1. If the government imposes a minimum wage of $4, then how many workers will be employed?
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Question

Figure 10-1
 
-Refer to Figure 10-1. If the government imposes a minimum wage of $4, then how many workers will be employed?

Quizplus · Accepted Answer

At a minimum wage of $4, the quantity of labor supplied is 5,000 while the quantity of labor demanded is only 4,000 workers. This results in excess supply or surpluses of labor of 1,000 workers.

Figure 10-1 -Refer to Figure 10-1. If the Government Imposes a Minimum