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ssi15 ssi15
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A year ago
The figure below shows labor supply and labor demand curves.




Refer to the figure above. Assume that instead of shifting to the left, the new demand for labor is shifted to the right of the initial demand for labor. A minimum wage is in effect at w1. What is likely going to happen due to the shift in the demand for labor?

▸ Wages will remain the same because they are set by law.

▸ The market for labor will likely clear at a higher wage rate.

▸ Unemployment will likely increase because of higher wages.

▸ Wages will likely decrease because there is greater demand for labor.
Textbook 
Macroeconomics

Macroeconomics


Edition: 3rd
Authors:
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raihala49raihala49
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A year ago
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ssi15 Author
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A year ago
this is exactly what I needed
Starfiew
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Yesterday
Helped a lot
kh540941
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2 hours ago
Thanks
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