The following graph shows the labor market in the fast-food industry in the fictional town of...

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The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph i

In this market, the equilibrium hourly wage is , and the equilibrium quantity of labor is thousand workers. Suppose a senator

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Answer 1

Answer #1

Equilibrium wage= 10 and equilibrium quantity = 300

Wage. Labor demanded. Labor supplied. Pressure on wages
6. 420. 180. upward
14. 180. 420. downward

False
A minimum wage above 10 is binding.

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Answer 2

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