The graph on the right shows the demand for and supply of labor in a market with an equilibrium wage rate of $7 per hour. Show the impact on the graph if a minimum wage of $9 per hour is enacted. 1. Using the point drawing tool, plot the point that illustrates the quantity of labor demanded when the minimum wage is set at $9 per hour. Label your point 'A.' 2.) Using the point drawing tool, plot a point that illustrates the quantity of labor supplied when the minimum wage is set at $9 per hour. Label your point 'B.' Carefully follow the instructions above and only draw the required objects. 3. According to the graph, when the minimum wage is set at $9 per hoer, there will be ____ unemplovment of _____ workers in this market. A. frictional; 4 million. B. structural; 4 million. C. frictional; 2 million. D. structural; 2 million.
The graph on the right shows the demand for and supply of labor in a market with an equilibrium wage rate of $7 per hour. Show the impact on the graph if a minimum wage of $9 per hour is enacted. 1. Using the point drawing tool, plot the point that illustrates the quantity of labor demanded when the minimum wage is set at $9 per hour. Label your point 'A.' 2.) Using the point drawing tool, plot a point that illustrates the quantity of labor supplied when the minimum wage is set at $9 per hour. Label your point 'B.' Carefully follow the instructions above and only draw the required objects. 3. According to the graph, when the minimum wage is set at $9 per hoer, there will be ____ unemplovment of _____ workers in this market. A. frictional; 4 million. B. structural; 4 million. C. frictional; 2 million. D. structural; 2 million.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Economics
The graph on the right shows the demand for and supply of labor in a market with an equilibrium wage rate of $7 per hour.
Show the impact on the graph if a minimum wage of $9 per hour is enacted.
1. Using the point drawing tool, plot the point that illustrates the quantity of labor demanded when the minimum wage is set at $9 per hour. Label your point 'A.'
2.) Using the point drawing tool, plot a point that illustrates the quantity of labor supplied when the minimum wage is set at $9 per hour. Label your point 'B.'
Carefully follow the instructions above and only draw the required objects.
3. According to the graph, when the minimum wage is set at $9 per hoer, there will be ____
unemplovment of _____ workers in this market.
A. frictional; 4 million.
B. structural; 4 million.
C. frictional; 2 million.
D. structural; 2 million.
Transcribed Image Text:The graph on the right shows the demand for and supply of labor in a market with
an equilibrium wage rate of $7 per hour.
Show the impact on the graph if a minimum wage of $9 per hour is enacted.
1.) Using the point drawing tool, plot the point that illustrates the quantity of labor
demanded when the minimum wage is set at $9 per hour. Label your point "A."
2.) Using the point drawing tool, plot a point that illustrates the quantity of labor
supplied when the minimum wage is set at $9 per hour. Label your point "B."
Carefully follow the instructions above and only draw the required objects.
According to the graph, when the minimum wage is set at $9 per hoor, there will be
unemployment of
workers in this market.
OA. frictional; 4 million.
B. structural; 4 million.
OC. frictional; 2 million.
OD. structural; 2 million.
обем
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Labor supply
Labor demand
Quantity of labor (millions)
to
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