Minimum wage laws cause unemployment because for some low skilled labor markets the legal minimum wage...
Minimum wage laws cause unemployment because for some low skilled labor markets the legal minimum wage is set
a. too low.
b. below the market wage, causing labor demand to be greater than labor supply.
c. above the market wage, causing labor demand to be less than labor supply.
d. below the market wage, causing labor demand to be less than labor supply.
e. above the market wage, causing labor demand to be greater than labor supply.
Homework Answers
Ans) the correct option is c) above the market wage, causing labor demand to be less than labor supply.
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Minimum wage laws cause unemployment because for some low
skilled labor markets the legal minimum wage...
5. Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply...
5. Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. 0 125 250 375 500 625 750 875 1000 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 0 WAGE (Dollars per hour) LABOR (Thousands of workers) Demand Supply Graph Input Tool Market for Labor Wage (Dollars per hour)...
S. Minimum wage laws and unemployment Consider the market for labor depicted by the demand and...
Minimum wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate whether this wage will result in a shortage or a surplus Hint: Be sure to pay attention to the units used...
The imposition of a minimum wage on a competitive labor market will likely create additional employment...
The imposition of a minimum wage on a competitive labor market will likely create additional employment opportunities because some low-skilled workers will now see their wage increase. O increase unemployment of high-skilled workers as firms substitute high-skilled labor for low-skilled labor. create unemployment as some people enter the labor market while some firms reduce the quantity of labor they are willing to employ due to the increased wage. O lower the wages of workers earning more than the minimum wage.
6. Low-skilled workers operate in a competitive market. The labor supply is Q 10W (where W is the...
6. Low-skilled workers operate in a competitive market. The labor supply is Q 10W (where W is the price of labor measured by the hour- ly wage) and the demand for labor is Q 240 20W. Q measures the quantity of labor hired (in thousands of hours). a. What is the equilibrium wage and quantity of low-skilled labor working in equilibrium? b. If the government passes a minimum wage of $9 per hour, what will the new quantity of labor...
Which market structure and explanation best describes the market for low skilled labor? Operfect competition because...
Which market structure and explanation best describes the market for low skilled labor? Operfect competition because the supply is replaceable monopsony because there is only one firm that demands unskilled labor O government monopoly because of minimum wage laws perfect competition because the supply is specialized based on human capital
The imposition of a binding (effective) minimum wage above the equilibrium wage in the unskilled labor...
The imposition of a binding (effective) minimum wage above the equilibrium wage in the unskilled labor market will (x) reduce the number of unskilled persons employed because of a decrease in the quantity supplied of labor (y) increase the unemployment rate because of a decrease in the quantity demanded of labor (z) reduce employment of unskilled persons because of a decrease in the quantity demanded of labor. A. (x), (y) and (z) B. (x) and (y) only C. (x) and...
6. Low-skilled workers operate in a competitive market. The labor supply is Q 10W (where W...
6. Low-skilled workers operate in a competitive market. The labor supply is Q 10W (where W is the price of labor measured by the hourly wage) and the demand for labor is Q 240 20W. Q measures the quantity of labor hired (in thousands of hours). a. What is the equilibrium wage and quantity of low-skilled labor working in equilibrium? b Ifthe government passes a minimum wage of $9 per hour, what will be the new quantity oflabor hired will...
Which of the following is a normative statement? A) Minimum wage laws cause teenage unemployment. B)...
Which of the following is a normative statement? A) Minimum wage laws cause teenage unemployment. B) Minimum wage laws reduce the sum of consumer and producer surpluses and are therefore economically inefficient. C) All economically inefficient laws are undesirable. D) All of the above
4. Which of the following statements about minimum wages is true? a) Minimum wage laws may make some workers bet...
4. Which of the following statements about minimum wages is true? a) Minimum wage laws may make some workers better off and others worse off. b) Minimum wage laws make employers worse off. c) Both a) and b) are true. d) None of the above are true. 5. Consider diagram below, which illustrates the market for low-skilled labour. Suppose that the equilibrium quantity is reduced from Q1 to Q2 units, through the introduction of a price floor. Which of the...
Minimum wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate whether this wage will result in a shortage or a surplus Hint: Be sure to pay attention to the units used...
The imposition of a minimum wage on a competitive labor market will likely create additional employment opportunities because some low-skilled workers will now see their wage increase. O increase unemployment of high-skilled workers as firms substitute high-skilled labor for low-skilled labor. create unemployment as some people enter the labor market while some firms reduce the quantity of labor they are willing to employ due to the increased wage. O lower the wages of workers earning more than the minimum wage.
6. Low-skilled workers operate in a competitive market. The labor supply is Q 10W (where W is the price of labor measured by the hour- ly wage) and the demand for labor is Q 240 20W. Q measures the quantity of labor hired (in thousands of hours). a. What is the equilibrium wage and quantity of low-skilled labor working in equilibrium? b. If the government passes a minimum wage of $9 per hour, what will the new quantity of labor...
Which market structure and explanation best describes the market for low skilled labor? Operfect competition because the supply is replaceable monopsony because there is only one firm that demands unskilled labor O government monopoly because of minimum wage laws perfect competition because the supply is specialized based on human capital
6. Low-skilled workers operate in a competitive market. The labor supply is Q 10W (where W is the price of labor measured by the hourly wage) and the demand for labor is Q 240 20W. Q measures the quantity of labor hired (in thousands of hours). a. What is the equilibrium wage and quantity of low-skilled labor working in equilibrium? b Ifthe government passes a minimum wage of $9 per hour, what will be the new quantity oflabor hired will...
4. Which of the following statements about minimum wages is true? a) Minimum wage laws may make some workers better off and others worse off. b) Minimum wage laws make employers worse off. c) Both a) and b) are true. d) None of the above are true. 5. Consider diagram below, which illustrates the market for low-skilled labour. Suppose that the equilibrium quantity is reduced from Q1 to Q2 units, through the introduction of a price floor. Which of the...
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