-The table above shows the demand for and supply of labor in a small less developed country.
a) Draw the demand and supply curves. What are the equilibrium wage and the level of employment?
b) Currently, the minimum wage is set at $4.50 per hour. How many hours are worked? How many hours of labor are unemployed?
c) If the minimum wage is raised to $6 per hour, what are employment and unemployment?
Definitions:
Civil War Animosities
Hostility and resentment that lingered between the Northern and Southern United States after the Civil War, affecting the country's social and political landscape.
Interest Group
An organization or group of people that seeks to influence public policy and decision-making to further their common interests or goals.
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