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797/3100 Resources x Give U The U.S. government limits the amount of sugar that can be purchased from foreign sugar producers. Select the term that best fits the scenario. O black market O license price ceiling price floor quota F9 F10 F11 F12
7/3100 Suppose the table represents the labor market of Palau wage ($hour) Quantity of Labor Demanded (# of workers) 38,000 36, 000 34, 000 32, 000 30, 000 Quantity of Labor Supplied (# of workers) 34,000 36, 000 38, 000 39,000 40,000 7.00 7.50 8.00 8.50 9.00 If Palau enacts a minimum wage of $8.50 per hour, the labor market will experience O neither a shortage nor a surplus since the minimum wage is not binding. O a shortage of 4,000 workers a surplus of 3,000 workers. a shortage of 7,000 workers. a surplus of 7,000 workers.
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Answer #1

Please see the below answers.

1. Quota.

2. a surplus of 7,000 workers.

Explanation: The quantity of labor supply in workers 39,000 is more compared to the quantity of labor demand 32,000 in workers. So, as per the minimum wage of $8.50 per hour data analysis, the surplus of 7000(supply 39,000 – 32,000 demand) workers.

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