In this market, the equilibrium hourly wage is_______, and the equilibrium quant

Question

In this market, the equilibrium hourly wage is_______, and the equilibrium quantity of labour is________workers. Imagine the Australian House of Representatives introduces a bill to legislate a minimum hourly wage of $8. This type of price control is called a______. At a wage of $8 per hour, the quantity of labour firms will demand is______workers, while the quantity of labour workers will supply is_______workers. Therefore, there will be______of______workers in this market. In the absence ot any price controls, this would exert______pressure on wages until the labour market achieves equilibrium. However, with a price control m place, the labour market may or may not be able to reach its equilibnum. (Economists call a minimum wage that prevents the labour market from reachirv equilibrium a binding minimum wage.) In this particular case, the minimum wage of $8 per hour_____prevent the market from reaching the equilibrium you found before. Two government representatives introduce competing bills that woutd set the minimum wage at $4 or $9 per hour. Which of these minimum wages would be binding? Check all that apply $4 per hour $9 per hour

Explanation / Answer

all seems correct

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