llinois State University (27) Turbo Jet Scooter bu MINDTAP MindTap Cengage Lear.
ID: 1142459 • Letter: L
Question
llinois State University (27) Turbo Jet Scooter bu MINDTAP MindTap Cengage Lear.. Assign. 4 Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Labor in the Fast Food Industry Wage Dollars per Supply ur) Labor Demanded (Thousands of workers) 500 Labor 0 Supplied of workers LABOR (Thounands of workers In this market, the equilibrium hourly wage is s , and the equilibrium quantity of labor is thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls Wage (Dollars per hour) 12 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) Pressure on WagesExplanation / Answer
1) 10 is the equilibrium wage because demand is equal to supply at this wage.
2) 250 thousand of workers is the equilibrium quantity of labor.
3) Price ceiling
When price is set below the equilibrium price then it is called price ceiling.
4)
Wage Labor demanded Labor supplied Pressure on wages 12 125 375 Decrease 8 500 0 IncreaseRelated Questions
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