5. Minimum-wage laws and unemployment Consider the market for labour depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 24 21 18 15 12 0 150 300 450 600 750 900 10501200 LABOUR (Thousands of workers) Graph Input Tool Market for Labour | Wage (Dollars per hour) Labour Demanded (Thousands of workers) 3.00 1,050 Labour Supplied (Thousands of workers) 150 Suppose a government considers introducing a bill to legislate a minimum hourly wage of $15.00. Complete the following table with the quantity of labour supplied and demanded if the wage is set at $1 5. 00. Then indicate whether this wage results 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 100,000 for 100 thousand workers. Labour Demanded Labour Supplied Wage (Workers) (Workers) Shortage or Surplus? $15.00 ' which of the following statements are true? Check all that a If the minimum wage is set at $15.00, the market equilibrium. Neither In this labour market, a minimum wage of $11.50 ding. 7 Binding minimum wages cause structural unemployment. 7 In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium. Continue without saving Suppose a government considers introducing a bill to legislate a minimum hourly wage of $15.00. Complete the following table with the quantity of labour supplied and demanded if the wage is set at $1 5. 00. Then indicate whether this wage results 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 100,000 for 100 thousand workers. Labour Demanded Labour Supplied Wage (Workers) (Workers) Shortage or Surplus? $15.00 ' which of the following statements are true? Check all that apply. If the minimum wage is set at $15.00, the market will not reach equilibrium. In this labour market, a minimum wage of $11.50 would be binding. 7 Binding minimum wages cause structural unemployment. 7 In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium. Grade It Now Save & Continue Continue without saving