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Supposethattheminimumwageissetabovetheequilibriumwageinthe market for unskilled workers. Using a supply and demand diagram for market for unskilled workers with quantity of workers on the x axis and
Supposethattheminimumwageissetabovetheequilibriumwageinthe market for unskilled workers. Using a supply and demand diagram for market for unskilled workers with quantity of workers on the x axis and price of workers ( wages) on the y axis, show the market wage, the number of workers who are employed, and the number of workers who are unemployed. Also show the total wage payment to the unskilled workers (Hint: the total wage payment will be the amount of wage X the number of workers employed)
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