-The Graph Shows the Labour Market for Apple Pickers in Tasmania

question 61

Multiple Choice

-The graph shows the labour market for apple pickers in Tasmania. If the government sets a minimum wage of $5 an hour, ________ apple pickers are unemployed.

• A) 8,000
• B) 14,000
• C) 6,000
• D) 10,000
• E) more than 14,000

---

Definitions:

Barriers To Entry

Barriers to entry are obstacles that make it difficult for new firms to enter a market, including high startup costs, regulatory hurdles, and established competition.

Monopoly

A market structure characterized by a single seller selling a unique product with no close substitutes, leading to significant control over the market price.

Close Substitutes

Products or services that can serve as replacements for each other with minor adjustments, often similar in function or purpose.

Barriers To Entry

Factors that make it difficult for new firms to enter a market, such as high startup costs, complex regulations, or entrenched competitors.