Draw a diagram for the Labour market, label Labour Demand and Labour Supply.

Show equilibrium wage rate at $14/hr. Impose a government imposed min wage at

$16/hr. On your diagram show the number of workers employed as 50,000, the number

of people in the labour force as 54,000. Indicate the segment showing "unemployment"

on your diagram. Calculate the Unemployment rate given this information. What type

of unemployment is being depicted here?