Author Question: FIGURE 5-1Refer to Figure 5-1. If the diagram applies to the labour market, andP3represents a ... (Read 131 times)

amymoore · **on:** Oct 12, 2022

Question 1

FIGURE 5-1

Refer to Figure 5-1. If the government imposes an administered price at P2, the result will be a

◦ surplus of AF.
◦ shortage of FD.
◦ surplus of 0D.
◦ surplus of BD.
◦ shortage of AC.

Question 2

FIGURE 5-1

Refer to Figure 5-1. If the diagram applies to the labour market, and P3 represents a legislated minimum wage,

◦ the amount of labour employed will rise from quantity F to quantity C.
◦ there will be excess demand of AC in the labour market.
◦ the labour market is in disequilibrium.
◦ the free-market equilibrium wage is P0 and the labour market is unaffected by the minimum wage.
◦ there will be unemployment of AC in the labour market.

my33251 · **Reply #1 on:** Oct 12, 2022

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