Homework Answers
Answer
option 1
the market is in equilibrium at quantity demanded equal to supplied
the minimum wage means a wage below which a producer can not pay so the effective wage is the minimum wage if the equilibrium wage is below it.
equilibrium wage < minimum wage so the market wage =minimum wage but it is above equilibrium wage so the quantity demanded is less than supplied and it creates labor surplus
labor surplus =labor supplied - labor demanded
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