(--) Seare l https//wwww m points https% Principles of Economics Quiz: Week 4 Qu

Question

(--) Seare l https//wwww m points https% Principles of Economics Quiz: Week 4 Quiz 40 pts Time Remaining: 01:20:52 This Question: 2 pts This Quiz:4 The graph shows the market for secretaries organized by the Administratiwe Union in Los Angeles, Calfornia What is the wage rate that secretaries earm and how many secretanies are employed? The wage rate that secretaries earn s an hour and the number o! secretres employed is[ When the Administrative Union sets the minimum wage for secretanies at $8.75 an hour Decretanes are employed and they oarn S an hour The number of secretaries unemployed is 10 7 50 Enter your answer in each of the answer boxes. Search the web and Windows

Explanation / Answer

Equilibrium occurs at the point of intersection of demand and supply curves.

This gives market equilibrium wage rate = $7.50 and number of secretaries = 200.

When minimum wage of $8.75 is set, demand for secretaries = 150 (employed) and they earn a wage of $8.75 per hour.

While supply = 250

Unemployed secretaries = 250-150 = 100 secretaries

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