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(Figure: The Minimum Wage) Use Figure: The Minimum Wage. By how much does the quantity of labor supplied rise when the government imposes a binding
(Figure: The Minimum Wage) Use Figure: The Minimum Wage. By how much does the quantity of labor supplied rise when the government imposes a binding minimum wage of P3? The vertical axis, labeled ?Wage? shows markings at ?P subscript 1?, ?P subscript 2?, and ?P subscript 3?, from bottom to top. The horizontal axis, labeled ?Quantity of labor? shows markings at ?Q subscript 1?, ?Q subscript 2?, ?Q subscript 3?, and ?Q subscript 4?, from left to right. A negative sloping straight line, labeled ?D? intersects a positive sloping straight line ?S? at points corresponding to ?Q subscript 2? on the horizontal axis and ?P subscript 2? on the vertical axis. Two horizontal straight lines parallel to each other extends from ?P subscript 1? and ?P subscript 2?. The negative sloping line ?D? intersects the horizontal line extending from ?P subscript 3? at point (Q subscript 1, P subscript 3) and intersects the horizontal line extending from ?P subscript 1? at point (Q subscript 3, P subscript 1). The positive sloping line ?S? intersects the horizontal line extending from ?P subscript 3? at point (Q subscript 4, P subscript 3). Question 7 options: Q4 - Q1 Q3 - Q2 Q2
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