The memo mentions that opponents to a higher minimum wage usually cite the theoretical findings of a binding minimum wage in a standard supply and demand model of the labor market? that a binding minimum wage will lead to a surplus of labor, in other words, unemployment in the low skilled labor market. a. In the diagram, shift the wage line to capture the effect of a binding minimum wage.

Content X Assessment - Micro Principles-Ec X C ECONO FACT What Does the Sea x Search Results | Course Hero * + X C https://achieve.macmillanlearning.com/courses/fd56ba79-4bcd-4437-9fd8-Of2f0231d0d8/4/3m5wrn/tools/assessment/items/edf56366-043a-49a7-a3fe-1632ddcc822f/assign... A Q . . . Blackboard G Google GMU email E Google Docs @ Grammarly wix Website . MindTap ] engh textbook Other favorites n Assessment ? Q Assignment Score: 64.4% x Give Up? Hint Check Answer Stacked O Attempt 8 The memo mentions that opponents to a higher minimum wage usually cite the theoretical findings of a binding minimum wage in a standard supply and demand model of the labor market- that a binding minimum wage will lead to a surplus of labor, in other words, unemployment in the low skilled labor market. Macmillan Learning + a. In the diagram, shift the wage line to capture the effect of a binding minimum wage. 20 18 PS with no MW 16 PS with MW 14 W N Wage ($ per hour) Co A N 2 4 6 8 18 20 Number of workers employed in thousands : 52 F Rain coming Q Search 200m 1X O 11:33 AM 2/27/2023