MyEconLab All Assignments ECON 2420-002 (1) Homework: Chapter 4 Homework Score:

Question

MyEconLab All Assignments ECON 2420-002 (1) Homework: Chapter 4 Homework Score: 0 of 1 pt End of Chapter A.6 Save 150f 15 (14complete) >MN Score: 90%, 18 of 20 p Question Help The graph to the right illustrates the markets for two different types of labor (labor market 1 with demand curve D, and labor market 2 with demand curve D2) Suppose an identical minimum wage is imposed in both markets. In which market will the minimum wage have the largest impact on employment? Why? The minimum wage will O A. increase employment more in labor market 1 O B. decrease employment more in labor market 2 4.50 because D, is flatter D1 because D, is flatter decrease employment more in labor market 1 because D, is flatter O C. D2 O D. have the same effect in both labor markets because they have the same labor supply Click to select your answer and then click Check Answer All parts showing Clear All Check An Reflect in ePortfolio al

Explanation / Answer

C. Decrease in labour market 1 because the demand curve is flatter and even a slightest change in minimum wage will bring larger cahne in employment.

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