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 Supplied (Thousands of workers) Shortage or Surplus? Labor Demanded Wage (Thousands of workers) $15.00 Suppose the federal government contemplates a new law that would create a national minimum wage of $15.00 per hour. Which of the following statements are true? Check all that apply. If the minimum wage is set at $15.00, the market will not reach equilibrium. In this labor market, a minimum wage of $11.50 would be binding. In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium. Binding minimum wages cause structural unemployment.

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 Supplied (Thousands of workers) Shortage or Surplus? Labor Demanded Wage (Thousands of workers) $15.00 Suppose the federal government contemplates a new law that would create a national minimum wage of $15.00 per hour. Which of the following statements are true? Check all that apply. If the minimum wage is set at $15.00, the market will not reach equilibrium. In this labor market, a minimum wage of $11.50 would be binding. In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium. Binding minimum wages cause structural unemployment.

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Unemployment

Section: Chapter Questions

Problem 4CQQ

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