Use the table below to answer the following questions.
Table 6.2.1
-Table 6.2.1 gives the supply and demand schedules for teenage labour in Genoa City. Suppose the Genoa City Council sets a minimum wage of $4 per hour. Teenage unemployment is ________ hours a week.
Definitions:
Marginal Revenue
The additional income received from selling one more unit of a good or service.
Marginal Cost
The elevation in aggregate cost associated with creating an extra unit of a good or service.
Monopolistically Competitive Market
A market structure in which many companies sell products that are similar but not identical, allowing for slight product differentiation and some price control.
Demand Curve
A graph showing the relationship between the quantity of a good or service that consumers are willing and able to purchase at various prices.
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