Problem
Suppose an economy is suffering unemployment due to wages that are "too high," as theorized by classical economists.
a. Draw and label a graph illustrating this case, in which the going wage is $20, the equilibrium wage is $15, 50 million people want to work, but only 30 million are employed.
b. Describe some of the assumptions about labor markets that underlie this graph.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.