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briemert2013 briemert2013
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Short description: A graph plots the quantity of labour against wage in dollars. Long description: The horizontal axis representing the quantity of labour ranges from Q subscript 1 to Q subscript 6. The vertical axis representing wage in dollars ranges from W subscript 1 to W subscript 4. The graph plots two lines. The first line representing supply passes through the following points: (Q subscript 2, W subscript 1), (Q subscript 3, W subscript 2), (Q subscript 4, W subscript 3), and (Q subscript 5, W subscript 4). The second line representing demand passes through the following points: (Q subscript 1, W subscript 4), (Q subscript 2, W subscript 3), (Q subscript 3, W subscript 2), and (Q subscript 6, W subscript 1).

FIGURE 14-5

Refer to Figure 14-5. Suppose this labour market is competitive. If a minimum wage of W3 is then imposed, the quantity of labour hired would be



▸ Q1.

▸ Q2.

▸ Q3.

▸ Q4.

▸ Q5.
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Microeconomics

Microeconomics


Edition: 17th
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paris.chenparis.chen
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