Lumen OHM Assessment

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The graph below shows the supply and demand curves for workers in a perfectly competitive labor market. Suppose that the union increases the wage to $10.

Graphing window shows horizontal axis: 0 to 13, vertical axis: 0 to 13. Start Graph, Color red

x	y
0	4
1	5
2	6
3	7
4	8
5	9
6	10
7	11
8	12
9	13
10	14
11	15
12	16
13	17

Start Graph, Color blue

x	y
0	12
1	11
2	10
3	9
4	8
5	7
6	6
7	5
8	4
9	3
10	2
11	1
12	0
13	-1

Start Graph, Color black

x	y
0	10
1	10
2	10
3	10
4	10
5	10
6	10
7	10
8	10
9	10
10	10
11	10
12	10
13	10

Label "Quantity of Labor" at pixel coordinates (175,0).Label "Wage" at pixel coordinates (0,170).Label "Demand" at (1,12+1). Label "Supply" at ((13-4)/ 1,11). Label "" at (11,10).

As as result of this there will be

surplus of labor.
shortage of labor.
neither shortage or surplus of labor.

Hint

The graph below shows the supply and demand curves for workers in a perfectly competitive labor market. Suppose that the union increases the wage to $10.

Graphing window shows horizontal axis: 0 to 13, vertical axis: 0 to 13. Start Graph, Color red

x	y
0	4
1	5
2	6
3	7
4	8
5	9
6	10
7	11
8	12
9	13
10	14
11	15
12	16
13	17

Start Graph, Color blue

x	y
0	12
1	11
2	10
3	9
4	8
5	7
6	6
7	5
8	4
9	3
10	2
11	1
12	0
13	-1

Start Graph, Color black

x	y
0	10
1	10
2	10
3	10
4	10
5	10
6	10
7	10
8	10
9	10
10	10
11	10
12	10
13	10

Label "Labor (L) in thousands" at pixel coordinates (175,0).Label "Wage" at pixel coordinates (0,170).Label "Demand" at (1,12+1). Label "Supply" at ((13-4)/ 1,11). Label "" at (11,10).

As as result of this how many workers will be unemployed?

thousand

Hint