Part 1The graph shows the labor market in a country. Part 1 Draw a point to show the equilibrium wage and equilibrium quantity of labor. Label it 1. Suppose a minimum wage is set at $5 an hour. Draw the minimum wage line. Label the line.Draw a point to show the quantity employed at the minimum wage. Label the point 2.Draw an arrow that illustrates the unemployment at the minimum wage. Click toenlargegraphThe amount of unemployment created by the minimum wage is [input]enter your response here million hours per day. Part 1
03060901201501802102400123456Quantity (millions of hours per day)Wage rate (dollars per hour)3905150Upper DDUpper SS 11 Minimum wageMinimum wage 22 Edit coordinates interactive graph Draw only the objects specified in the question.

Question

Part 1The graph shows the labor market in a country. Part 1  Draw a point to show the equilibrium wage and equilibrium quantity of labor. Label it 1. Suppose a minimum wage is set at​ $5 an hour. Draw the minimum wage line. Label the line.Draw a point to show the quantity employed at the minimum wage. Label the point 2.Draw an arrow that illustrates the unemployment at the minimum wage. Click toenlargegraphThe amount of unemployment created by the minimum wage is [input]enter your response here million hours per day. Part 1
03060901201501802102400123456Quantity (millions of hours per day)Wage rate (dollars per hour)3905150Upper DDUpper SS 11 Minimum wageMinimum wage 22 Edit coordinates interactive graph​>>> Draw only the objects specified in the question.

BlackTom AI · Accepted Answer

The prompt asks us to determine the amount of unemployment created by the minimum wage in the given labor market diagram.

First, recall how unemployment due to a minimum wage is measured: at the minimum wage, unemployment equals the quantity of labor supplied minus the quantity of labor demanded (U = Qs − Qd) at that wage rate. If the minimum wage is set above the equilibrium wage, we typically expect Qs > Qd and positive unemployment; if it coincides with the equilibrium (or if the graph shows that the minimum-wage line intersects the demand and supply curves at the same quantity), unemployment would be zero.

In the graph described by the question, you would locate the equilibrium wage and quantity (the point labeled 1). Then you would draw the minimum wage line at $5/hour and identify the resulting quantity employed (point 2). The unemployment figure would be the horizontal distance between the quantity supplied at $5 and the quantity demanded at $5, measured in millions of hours per day.

If the graph indicates that at $5 the quantity supplied equals the quantity demanded (i.e., the supply and demand curves cross or meet at that wage level, or the quantity employed is the same on both sides), then Qs = Qd and U = 0. This aligns with the provided numeric answer of 0 (million hours per day).

Why the other common interpretations could be misleading:
- If $5 were above the equilibrium wage and the graph showed a larger supply than demand at that wage, unemployment would be positive; you would see a gap between the quantity supplied and demanded along the wage axis.
- If the graph showed that the minimum wage reduces the quantity employed from the equilibrium level (a typical outcome when the minimum wage is set above equilibrium), you would expect a positive unemployment number, not zero.
- If one misreads the figure and assumes unemployment equals the reduction in total hours worked rather than the surplus of labor supplied over labor demanded, you might arrive at an incorrect magnitude; the proper measure is the difference between Qs and Qd at the minimum wage, not the change in total employment from other baselines.

In summary, the stated answer of 0 million hours per day implies that, at the minimum wage of $5/hour, the quantity supplied and the quantity demanded of labor are equal in this graph, leaving no unemployment induced by the minimum wage.

Test:exam1

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