Tag: equilibrium wage

Suppose the minimum wage is above the equilibrium wage in the market for unskilled labor. Using a supply and-demand diagram of the market for unskilled labor, show the market wage, the number of workers who are employed, and the number of workers who are unemployed. Also show the total wage payments to unskilled workers.

Economics by Geoffrey0 comments

Please read the case “The Minimum Wage” from Chapter 6 “Supply, Demand, and Government Policies” Page: – 117 given in […]