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Author Question: The above figure illustrates the labor market for fast food restaurants in a small city in Peru. ... (Read 143 times)

Zulu123

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on: Jun 29, 2018
The above figure illustrates the labor market for fast food restaurants in a small city in Peru. What would be the effects of a minimum wage imposed at 4 per hour?
 
  A) a shortage of 200 hours
  B) a shortage of 100 hours
  C) a surplus of 200 hours
  D) nothing because the minimum wage has no effect on the equilibrium price and quantity

Question 2

A price below the equilibrium price results in
 
  A) a surplus.
  B) a shortage.
  C) excess supply.
  D) a further price fall.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
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owenfalvey

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

B


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Zulu123

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Reply #2 on: Jun 29, 2018
Thank you :)


owenfalvey

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Reply #3 on: Jun 29, 2018
Happy to help you


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