Complete the following table with the quantity of labor supplied and demanded if the wage is set at $15.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $15.00 Suppose senator considers introducing a bill to legislate a minimum hourly wage of $15.00. Which of the following statements are true? Check all that apply. O In this labor market, a minimum wage of $11.50 would be binding. O If the minimum wage is set at $15.00, the market will not reach equilibrium. O Binding minimum wages cause structural unemployment. O In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium.

Complete the following table with the quantity of labor supplied and demanded if the wage is set at $15.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $15.00 Suppose senator considers introducing a bill to legislate a minimum hourly wage of $15.00. Which of the following statements are true? Check all that apply. O In this labor market, a minimum wage of $11.50 would be binding. O If the minimum wage is set at $15.00, the market will not reach equilibrium. O Binding minimum wages cause structural unemployment. O In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter13: Factor Markets: With Emphasis On The Labor Market

Section13.1: Factor Market

Problem 2ST

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