Try another version of this question
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.
Look at how many workers are demanded at that wage. How many workers are supplied at that wage? Which one is bigger?
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 $7.
As as result of this how many workers will be unemployed?
thousand
` 2`
Look at how many workers are supplied at that wage and how many are demanded. What is the difference between the two?
Box 1: Select the best answer
Box 2: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity