Table 28-8
Below is data about the labor market in the state of Northwoods.
-Refer to Table 28-8. If the state government imposed a minimum wage of $8, how many people would be unemployed?

Question

Table 28-8
Below is data about the labor market in the state of Northwoods. 
-Refer to Table 28-8. If the state government imposed a minimum wage of $8, how many people would be unemployed?

Quizplus · Accepted Answer

If the minimum wage is raised to $8, the quantity of labor supplied will increase to 60,000, while the quantity of labor demanded will decrease to 40,000. This will result in 20,000 people being unemployed.

Table 28-8 Below Is Data About the Labor Market in the State