Figure 28-4
-Refer to Figure 28-4. If the government imposes a minimum wage of $5, how many workers will be unemployed?

Name: Figure 28-4 -Refer to Figure 28-4. If the government imposes a minimum wage of $5, how many workers will be unemployed?
Brand: Quizplus
Rating: 4.7 (48 reviews)

Question

Figure 28-4 
-Refer to Figure 28-4. If the government imposes a minimum wage of $5, how many workers will be unemployed?

Quizplus · Accepted Answer

A minimum wage set above the equilibrium wage causes unemployment. If the equilibrium wage is below $5, the difference between the quantity of labor supplied and the quantity of labor demanded at $5 will be the number of unemployed workers.

Figure 28-4 -Refer to Figure 28-4. If the Government Imposes a Minimum