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Question 1

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 $9.

As as result of this there will be

surplus of labor.

Hint

Box 1: Select the best answer

Question 2

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.

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

thousand

4

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172

Enter DNE for Does Not Exist, oo for Infinity