Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. 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 (Thousands of workers) (Thousands of workers) Shortage or Surplus? Wage $12.50 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $12.50. Which of the following statements are true? Check all that apply. Binding minimum wages cause structural unemployment. In this labor market, a minimum wage of $9.50 would be binding. In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium. □ If the minimum wage is set at $12.50, the market will not reach equilibrium.

Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. 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 (Thousands of workers) (Thousands of workers) Shortage or Surplus? Wage $12.50 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $12.50. Which of the following statements are true? Check all that apply. Binding minimum wages cause structural unemployment. In this labor market, a minimum wage of $9.50 would be binding. In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium. □ If the minimum wage is set at $12.50, the market will not reach equilibrium.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter11: Labor Markets

Section: Chapter Questions

Problem 1SQP

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