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Author Question: Minimum Wage LawsThe graph shows the supply for labor (S) and the demand for labor (D). Assume that ... (Read 220 times)

M1ch3a

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Minimum Wage Laws

The graph shows the supply for labor (S) and the demand for labor (D).

Assume that P1=$1.50, P2=$4.50, P3=$6.75, P4=$9.50, P5=$15.00, Q1=310, Q2=610, and Q3=820. Suppose the government passes a law that sets the minimum wage at $9.50 an hour. How many people are laid off? How many people are unemployed new entrants?
◦ 510 laid off, 300 unemployed new entrants
◦ 510 laid off, 210 unemployed new entrants
◦ 300 laid off, 510 unemployed new entrants
◦ 300 laid off, 210 unemployed new entrants


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Marked as best answer by M1ch3a on Nov 23, 2022

dadgoere765

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M1ch3a

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Reply 2 on: Nov 23, 2022
:D TYSM


steff9894

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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