You are watching: Consider the market for labor depicted by the demand and supply curves that follow.
- In the absence of price controls, a surplus puts downward pressure on weras until they fall to the equilibrium
- If the minimum wage is collection at $15, the market will not reach equilibrium
- Binding minimum weras reason structural unemployment
- In this labor sector, a minimum wage of $11.50 would be binding
True or false: a minimum wage above $10 per hour is a binding minimum wage in this market.
In this sector, the equilibrium hourly wage is $............ , and the equilibrium quantity of labor is ..............thousand also employees. Suppose a senator introduces bill to legislate minimum hourly wage of$8. This kind of price manage is called...............
For each of the weras listed in the adhering to table, identify the amount of labor demanded, the quantity of labor supplied, and also the direction of press exerted on wperiods in the lack of any price controls.
Wage Labor Demanded Labor Supplied Prescertain on Wages
(Dollars per hour) (Thousands of workers) (Thousands of workers)
Which of the following that will certainly take place as soon as tbelow is a binding minimum wage?
A. Binding minimum wage affects the quantity of labor demanded and the quantity of labor supplied.
B. Firms in the industry will certainly readjust via the binding minimum wage and also would get rid of any short-term surplus of employees which reasons short-lived joblessness.
See more: The John Report: The Wwe Raw 11/27/17 ), Wwe Raw Results
C. Binding minimum wage will certainly not impact the amount of labor supplied
D. Binding minimum wage will certainly neither affect the amount of labor demanded nor amount of labor provided.
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