Which of the following is not correct? Select one: a. The minimum wage is not binding when the equilibrium wage is above the minimum wage. b. The impact of the minimum wage depends on the skill and experience of the worker. c. The minimum wage is binding for workers with high skills and much experience. d. The economy contains many labor markets for different types of workers.
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- Critics of raising the minimum wage argue that A. minimum-wage laws are too expensive for local governments to administer. B. labor demand is inelastic so firms can adjust production. C. minimum-wage laws are imprecise in their ability to help the working poor. D. effective minimum-wage laws create a shortage of labor.a. Demonstrate graphically the effect of a minimum wage law. 3 Instructions: First use the tool 'EQ' to identify the equilibrium wage. Then use the tool 'Qp' to identify the quantity demanded of labor if the minimum wage is $14. Finally, use the tool 'Qg' to identify the quantity supplied of labor if the minimum wage is $14. 20 14- 12- 10- 8- 4- 2- Labor Market 50 60 70 Quantity of labor reset D 100 If the minimum wage is $14, the quantity demanded of labor is wage causes (Click to select) b. Does economic theory tell us such a law would be a bad idea? EQ and the quantity supplied of labor is This minimum. O Economic theory tells us that such a law would be a good idea. It raises the wages of those who are employed. O Economic theory tells us that such a law would be a bad idea. It creates unemployment and wages that are higher than employees deserve. O Economic theory tells us that such a law would be a good idea. It means that employers would hire fewer employees and those employees…10. What is the alternative to minimum wage? Show in the graph what needs to happen for the equilibrium wage to rise, absent minimum wage.
- A minimum wage results in: Select one: a. unemployment if it is set below the market-clearing wage. b. unemployment if it is set above the market-clearing wage. c. a shortage of workers. d. increased demand for workers.If the minimum wage is set A. equal to the equilibrium wage, it will create a shortage of labor. B. equal to the equilibrium wage, it will create a surplus of labor. C. below the equilibrium wage, it will create unemployment. D. below the equilibrium wage, it will create a shortage of labor. E. above the equilibrium wage, it will create unemployment.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.
- Format Tools Add-ons Help Accessibility Last edit was on January 29 Normal text Times New. 18 BIU + 1 . ...| II 1. What is the minimum wage? 2. What is an argument in favor of raising the minimum wage? 3. What is an argument opposed to raising the minimum wage? 4. Who is the current Vice President of the United States? 5. List a few of the Vice President's duties. 6. How do dams affect salmon? 7. Why is it important to protect salmon?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 $15 wage fairness to our economy. does not bring brings New York "Raising and bring been force Between gradually of the stateAn increase in the minimum wage will tend to cause which of the following to occur? Select one: a. an increase in the size of the surplus of labor b. a rightward shift in the supply of labor O c. a leftward shift in the demand for labor O d. a reduction in the unemployment rate
- In a labor market, supply is composed of which of the following groups? a. Households b. Firms c. Government d. Animal Assume the following: price ceiling < equilibrium price Which term corresponds to the inequality above? a. surplus b. insufficient funds c. shortage d. utopia Assume that there is a shortage in a market that is not eliminated through the price mechanism. What will happen to this shortage in the long run? a. It will become smaller b. It will remain constant size c. It will become larger d. It will disappear because the market will cease to exist Assume that there is a shortage in a market that is not eliminated through the price mechanism, instead, people decide how the shortage is addressed. The outcome is likely to be a. unfair, but efficient b. fair, but inefficient c. fair and efficient d.…Table 3.2 describes the market for day-care workers in the city of Vishna (quantity of workers in hundreds). Table 3.2 Hourly Wage ($) Quantity demanded Quantity supplied 5.00 17 13 Multiple Choice 5.50 6.00 6.50 16 15 14 14 15 16 Refer to Table 3.2 to answer this question. What would happen if the government were to establish a minimum wage of $6.50 an hour? 7.00 13 17 The wage would stay at $6, and there would be no unemployment. The number employed would increase by 100. O The equilibrium wage would rise to $6.50, and there would be no unemployment. O There would be 200 day-care workers unemployed. 7.50 12 18 The day-care centres would have difficulty finding sufficient workers.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 400 300 200 100 300 350 400 450 500 550