Table 2 Below is some hypothetical data on the labor market. Quantity Quantity Wage demanded supplied $7 9,000 14,000 $6 12,000 12,000 $5 15,000 10,000 Refer to table 2. If the government imposed a minimum wage of $5, what would unemployment be? O 3,000 O 5,000 O 2,000

Table 2 Below is some hypothetical data on the labor market. Quantity Quantity Wage demanded supplied $7 9,000 14,000 $6 12,000 12,000 $5 15,000 10,000 Refer to table 2. If the government imposed a minimum wage of $5, what would unemployment be? O 3,000 O 5,000 O 2,000

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 43CTQ: Is it desirable to eliminate natural unemployment? Why or why not? Hint: Think about what our...

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