The graph shows a market for labor. Draw a line that illustrates a minimum wage that creates unemployment of 3 million hours a year. Label it. A minimum wage is a O A. quantity ceiling B. price ceiling C. quantity floor OD. price floor applied to labor markets. ***
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- Name some factors that can cause a shift in the demand curve in labor markets.The graph shows a market for labor. Draw a line that illustrates a minimum wage that creates unemployment of 3 million hours a year. Label it. A minimum wage is a OA. quantity ceiling OB. price ceiling OC. quantity floor OD. price floor () applied to labor markets. Selected: Line tool 6.00- 5.50 5.00 4.50- 4.00- 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50 0.00 Wage rate (dollars per hour) 20.0 21.0 22.0 23.0 24.0 25.0 26.0 Quantity (millions of hours per year) >>> Draw only the objects specified in the question. Delete Clear D ? & SU NextA minimum wage set above the equilibrium wage will create a shortage of labour .a O have no effect because the equilibrium level of employment is not affected by a minimum wage above the .b O equilibrium wage will create a surplus of labour .c O .create a lower wage rate for skilled workers than for unskilled workers .d O
- An increase in the minimum wage will tend to cause which of the following to occur? Select one: a. an increase in the size of the surplus of labor b. a rightward shift in the supply of labor O c. a leftward shift in the demand for labor O d. a reduction in the unemployment rateO C. ABC Pediatrics D.Bill's Diner 5. Which of these would cause a shortage in labor? * OA. the supply of workers exceeds the demand O B. the demand for workers exceeds the supply O C. the number of workers equals the demand for labor OD. the supply curve for the product a business produces shifts to the left orket whatlikel caused it?Read the news clip, then answer the following questions. If the new minimum wage of $15.00 an hour is enforced and the maximum amount of job search takes place, then the higher minimum wage workers' surplus and firms' surplus. OA. increases; decreases OB. decreases; decreases OC. increases; increases OD. decreases; increases The $15 wage fairness to our economy. does not bring brings New York "Raising and bring been force Between gradually of the state
- Describe the impact of the federal government setting the federal mirlamum wage at a price that is above state minimum wage laws. 1 paragraphFigure 18-6 ↑ Wage D1 Select one: $1 D2 S2 Quantity Refer to Figure 18-6. The graph above illustrates the market for bakers who make homemade breads and breakfast pastries. If the wages paid to wedding cake bakers decrease, what happens in the market for bread bakers? a. Supply decreases from S2 to S1. b. Demand decreases from D2 to D1. c. Supply increases from S1 to $2. d. Demand increases from D1 to D2.Some states require individuals to acquire a license in order to work as an interior designer. Suppose that the government initially does not require a license to operate as an interior designer and that the labor market for interior designers is as given in the accompanying graph. Wage ($ per hour) Labor supply curve Quantity of workers (thousands) Labor demand curve Now, suppose the government institutes a policy that requires all interior designers to acquire a license in order to work in the field. a. Shift the appropriate curve or curves on the graph to illustrate the impact of this policy on the labor market for interior designers.
- The table shows the market for yoga instructors in Louisiana. a. If Louisiana introduces a strictly enforced minimum wage for yoga instructors of $13.75 an hour, yoga instructors are employed. This causes OA a shortage of labor OB. a surplus of labor OC. neither a surplus nor a shortage of labor and thus, yoga instructors are unemployed. b. If Louisiana introduces a strictly enforced minimum wage for yoga instructors of $16.25 an hour, yoga instructors are employed. This causes OA. a surplus of labor OB. a shortage of labor OC. neither a surplus nor a shortage of labor and thus, yoga instructors are unemployed. Wage rate (dollars per hour) 12.50 13.75 15.00 16.25 17.50 18.75 Quantity demanded (yoga instructors) 600 500 Quantity supplied 400 300 200 100 300 350 400 450 500 550when the minimum wage is set above the equilibrium market wage, A. there will be a shortage of labor at the minimum wage B. the unemployment rate will rise C. it will have no effect on the quantity of labor employed D. the unemployment rate will rise9. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool 20 Market for Labor in the Fast Food Industry 18 I Wage (Dellars per hour) 6 Supply 18 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 900 378 14 12 10 Demand 90 100 270 380 450 540 430 720 810 900 LABOR (Thousands of workers) WAGE (Doll ars per hour)