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The graph below shows a labor market. If the current labor market as shown in the graph is at equilibrium, what will happen if the

The graph below shows a labor market. If the current labor market as shown in the graph is at equilibrium, what will happen if the government decides to enact a minimum wage at $7. Draw a new graph to show the new minimum wage on the graph.

What is the increase in unemployment as a result of the minimum wage?

Which type of unemployment is affected by the new minimum wage?

Wage Rate ($/hour) Labor Market LS Minimum Wage LD 0 20 40 60 80 100 120 140 160 180 200 Quantity of Labor (millions of workers)

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