Figure 28-3 ​

question 16

Essay

Figure 28-3
​

-Refer to Figure 28-3. If the minimum wage is equal to $125, what is the quantity of labor supplied, the quantity of labor demanded, and number unemployed?

---

Definitions:

Social-Responsibility Norm

is a societal rule that people should help those who need assistance, based on the expectation that helping others is the right thing to do.

Altruism

The selfless concern for the well-being of others, often leading to acts of kindness without the expectation of reward.

Superordinate Goals

Objectives that require two or more groups to work together to achieve, thus reducing conflict by uniting the groups with common interests.

Disaster Relief

Assistance provided to individuals and communities in an effort to help them recover from catastrophic events.