Short Answer
Consider the labor market shown here. Suppose the government enacts a minimum wage of $11. Answer the following questions:
(a) How many workers are employed after implementation of the minimum wage?
(b) How many workers are available to work after the minimum wage is implemented?
(c) After implementation of the minimum wage, does the number of employed workers increase or decrease? By how many workers?
(d) After implementation of the minimum wage, does the number of workers who are willing to work increase or decrease? By how many workers?
Correct Answer:
Verified
Correct Answer:
Verified
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