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The following figure shows wage versus labor supply.Refer to the figure above. Assuming the supply ...

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The following figure shows wage versus labor supply.Refer to the figure above. Assuming the supply ...

The following figure shows wage versus labor supply.

Refer to the figure above. Assuming the supply for labor is equal to S1 and the demand for labor is equal to D2, how would a shift of the minimum wage from w2 to w3 affect unemployment?

▸ It would increase from Q4 − Q2 to Q5 − Q1.

▸ It would increase from zero unemployment to Q4 − Q2.

▸ It would decrease to zero unemployment.

▸ It would increase from zero unemployment to Q5 − Q2.

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Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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Good timing, thanks!

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