Determine unskilled labor for minimum wage laws in market

A minimum legal wage of $5 per hour in this market for unskilled labor would: (w) have no effect on employment or the wages paid. (x) create new jobs for 3,000 unskilled workers. (y) move some low-skilled workers above the poverty line. (z) create unemployment for 3,000 unskilled workers.

1349_Minimum Wage Laws.png

I need a good answer on the topic of Economic problems. Please give me your suggestion for the same by using above options.

View Complete Question

Related Questions in Microeconomics

Q : Determine unitarily elastic demand of

Assume that many students have fixed “pizza budgets.” When the price per slice falls by $10 to $1 along such demand curve for pizza weekly near a college campus, then the price elasticity of demand for pizza: (w) rises towards infinity. (x

Q : Perspective of Sociologists and

Far more than economists and sociologists tend to emphasize human needs for power, status, and class. Research which supports the perspective of sociologists comprises findings that: (1) people whose incomes are the average of per capita world income

Q : Analytic Time-Short Run I have a

I have a problem in economics on Analytic Time-The Short Run. Please help me in the following question. In short run: (1) At least one resource is fixed. (2) Firms can enter or exit the industry. (3) Economies of the scale are present. (4) Total fixed cost rises with

Q : Define forward shifting of tax burden

The greater the price elasticity of demand associate to the price elasticity of supply, then the: (i) greater the legal incidence of any tax burden. (ii) smaller the forward shifting of any tax burden. (iii) smaller the backward shift

Q : Annually paying exact amounts by

Securities annually paying exact amounts forever are: (1) stocks. (2) perennials. (3) royalties. (4) renewals. (5) perpetuities. How can I solve my Economics problem? Please suggest me the correct answer.

Q : Price taker in the context of a firm

What is meant by the word price taker in the context of a firm? Answer: It means that firm does not contain any control over the price and it has to pursue that pri

Q : Annual payments of financial investment

When the interest rate is 5 percent and a financial investment produces annual payments of $50,000, in that case the present value of this asset is as: (w) $1,000,000. (x) $5,000,000. (y) $500,000. (z) $10,000,000.

Q : State the relationship between MPC and

State the relationship between MPC and multiplier? Answer: The value of multiplier differs directly with MPC. K=1/1 - MPC.

Q : Craft Unions problems I have a problem

I have a problem in economics on Craft Unions problems. Please help me in the given question. The craft unions arrange all the workers: (i) In a given industry or firm, despite of skill or craft. (ii) In a specified craft, even when they work for dist

Q : Slope of demand curve for negative

The slope of this illustrated graph demand curve for DVD games equivalents negative: (w) 0.2. (x) 0.50. (y) 5.0. (z) 2.0. 313_Price El</span></p>
</div>

</li>

</td>
</tr>
</table>

</ul>

</div>
</div>
<div class=

Discover Q & A

Leading Solution Library

Avail More Than 1456509 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1961727
Asked

3,689

Active Tutors

1456509

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment