Business, 07.03.2020 04:24, twilov2878

Consider the market for labor depicted by the demand and supply curves that follow.
(Dollars per hour)LABOR (Thousands of workers)Demand Supply
Graph Input Tool
Market for Labor
Wage
(Dollars per hour)
3.00
Labor Demanded
(Thousands of workers)
1,050
Labor Supplied
(Thousands of workers)
150
Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result in a shortage or a surplus.
Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers.
Wage Labor Demanded Labor Supplied Shortage or Surplus or neither?
(Thousands of workers) (Thousands of workers)
$9.00
Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $9.00.
Which of the following statements are true? Check all that apply.
1. Binding minimum wages cause frictional unemployment.
2. If the minimum wage is set at $12.50, the market will not reach equilibrium.
3. In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium.
4. In this labor market, a minimum wage of $9.00 is binding.

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 09:50, sanam3035

For each of the following users of financial accounting information and managerial accounting information, specify whether the user would primarily use financial accounting information or managerial accounting information or both: 1. sec examiner 2. bookkeeping department 3. division controller 4. external auditor (public accounting firm) 5. loan officer at the company's bank 6. state tax agency auditor 7. board of directors 8. manager of the service department 9. wall street analyst 10. internal auditor 11. potential investors 12, current stockholders 13. reporter from the wall street journal 14. regional division managers

Answers: 1

continue

Business, 22.06.2019 11:40, derrion67

During 2016, nike inc., reported net income of $3,760 million. the company declared dividends of $1,022 million. the closing entry for dividends would include which of the following? select one: a. credit cash for $1,022 million b. credit dividends for $1,022 million c. debit net income for $1,022 million d. credit retained earnings for $1,022 million e. debit dividends for $1,022 million

Answers: 1

continue

Business, 22.06.2019 16:30, bedsaul12345

Which of the following has the largest impact on opportunity cost

Answers: 2

continue

Business, 23.06.2019 00:00, Brandon4188

Which example would the government consider as intellectual property? a. product design that contains a hologram of the logo of the company b. a copy of a famous artist’s painting in a new medium c. a plant species discovered in the united states for the first time d. a method of production that is common to an entire industry e. a discount structure offered to the customer at a store

Answers: 3

continue

Do you know the correct answer?

Consider the market for labor depicted by the demand and supply curves that follow.
(Dollars p...