-(Exhibit: The Minimum Wage) Give a minimum wage of W_m, the loss in employment is _______ and the change in the wage is _______ . A) L₁-L₂; W_m-W₁ B) L₁-L₃; W₀-W₁ C) L₂-L₃; W₀-W_m D) None of the above are correct.

Question

Quizplus · Accepted Answer

The loss in employment is L1-L2 because the minimum wage has reduced the number of people employed from L1 to L2. The change in the wage is Wm-W1 because the minimum wage has increased the wage from W1 to Wm.

-(Exhibit: the Minimum Wage) Give a Minimum Wage of Wm

-(Exhibit: the Minimum Wage) Give a Minimum Wage of W_m