Top Posters
Since Sunday
w
5
a
3
j
2
a
2
t
2
u
2
r
2
j
2
j
2
l
2
d
2
y
2
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
Infinitez Infinitez
wrote...
Go to Answer
Posts: 148
Rep: 0 0
2 years ago


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. If this labour market is perfectly competitive, an increase in the legislated minimum wage from W2 to W3 would



▸ create unemployment in other minimum wage sectors.

▸ increase employment from what would have initially occurred.

▸ increase employment in this labour market but decrease it in other labour markets.

▸ create unemployment where there previously was none.

▸ have no effect on employment.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
Read 40 times
1 Reply
Replies
Answer verified by a subject expert
jay2013jay2013
wrote...
#1
Posts: 166
Rep: 1 0
2 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Infinitez Author
wrote...

2 years ago
This site is awesome
ofsuahasiufhoas
wrote...

Yesterday
Helped a lot
shangshang
wrote...

2 hours ago
This helped my grade so much Perfect
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1165 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 260
  
 1254
  
 299
Your Opinion
Who will win the 2024 president election?
Votes: 119
Closes: November 4
Previous poll results: Who's your favorite biologist?