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The figure below shows labor supply and labor demand curves.Refer to the figure above. John's ...

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The figure below shows labor supply and labor demand curves.Refer to the figure above. John's ...

The figure below shows labor supply and labor demand curves.

Refer to the figure above. John's reservation wage is w1 and Joy's reservation wage is w2. Assume that a minimum wage is implemented at w1. John and Joy are both unemployed. What is TRUE about John and Joy?

▸ John is voluntarily unemployed, and Joy is involuntarily unemployed.

▸ John and Joy are both involuntarily unemployed.

▸ John and Joy are both voluntarily unemployed.

▸ Joy is voluntarily unemployed, and John is involuntarily unemployed.

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Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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