If a minimum wage for teenagers is set at $5 an hour, how many hours do they

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If a minimum wage for teenagers is set at $5 an hour, how many hours do they work and how many hours of teenage labor are unemployed?
The table gives the demand and supply schedules of teenage labor.

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Microeconomics

ISBN: 978-0133019940

11th edition

Authors: Michael Parkin

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Question Posted: Dec 15, 2015 07:04 AM

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If a minimum wage for teenagers is set at $5 an hour, how many hours do they

Question:

Wage rate (dollars per hour) Quantity demanded Quantity supplied (hours per month 3,000 2,500 2,000 1,500 1,000 1,000 1,500 2,000 2,500 3,000 6

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They work 2000 hours a month A minimum wage rate is the lowest wage rate that a teenager can ...View the full answer

Microeconomics

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