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Vethier 2016 Vethier 2016
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A year ago
Minimum Wage Laws

The graph shows the supply for labor (S) and the demand for labor (D).

Assume that P1=$1.50, P2=$4.50, P3=$6.75, P4=$9.50, P5=$15.00, Q1=310, Q2=610, and Q3=820. Suppose the government passes a law that sets the minimum wage at $9.50 an hour. How many people are laid off? How many people are unemployed new entrants?

▸ 510 laid off, 300 unemployed new entrants

▸ 510 laid off, 210 unemployed new entrants

▸ 300 laid off, 510 unemployed new entrants

▸ 300 laid off, 210 unemployed new entrants
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Macroeconomics

Macroeconomics


Edition: 3rd
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dressagegal1dressagegal1
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A year ago
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Vethier 2016 Author
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A year ago
Just got PERFECT on my quiz
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Thanks for your help!!
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This helped my grade so much Perfect
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