V WAGE 10 9 8 7 6 5 4 3 2 1 Refer to Figure 19-1. If the minimum wage in this market is $8, then O a. there is a surplus of 1 million workers. O b. employment is 10 million. Oc. there is a surplus of 3 million workers. O d. employment is 12 million. Figure 19-1 Demand 2 4 6 8 10 12 14 16 18 20 QUANTITY OF LABOR (Millions of workers)

V WAGE 10 9 8 7 6 5 4 3 2 1 Refer to Figure 19-1. If the minimum wage in this market is $8, then O a. there is a surplus of 1 million workers. O b. employment is 10 million. Oc. there is a surplus of 3 million workers. O d. employment is 12 million. Figure 19-1 Demand 2 4 6 8 10 12 14 16 18 20 QUANTITY OF LABOR (Millions of workers)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 40P: Assume that the supply of law-skilled worker is fairly elastic, but the employers demand for such...

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