Figure 51 Alt Text for Figure 5

question 48

Multiple Choice

Figure 5.1 Alt text for Figure 5.1: In figure 5.1, a graph of the labour market.
Long description for Figure 5.1: The x-axis is labelled, labour (millions of workers) .The y-axis is labelled, wage (dollars per hour) , ranging from 0 to 28 in increments of 2.2 intersecting lines are shown.A line slopes down from the top left of the quadrant, near the value 24 on the y-axis, to the bottom right corner, near the end of the x-axis.A second line slopes up from the bottom left corner of the quadrant, near the origin, to the top right corner.4 points plotted along the 2 sloping lines, and the point of intersection of the 2 lines, are connected to the corresponding values on the x-axis, and to the values 10, 13 and 16 on the y-axis.
-Refer to Figure 5.1.Based on the graph of the labour market above, if a minimum wage of $16 per hour is imposed, which of the following will result?

• A)The quantity of labour demanded by firms will rise.
• B)The quantity of labour demanded by firms will fall.
• C)The unemployment rate will fall.
• D)The quantity of labour supplied by households will fall.
• E)Both A and C will occur.

---

Definitions:

Management Jobs

Positions within an organization responsible for strategizing, decision-making, and overseeing teams or departments to achieve company objectives.

Financial Institution

An establishment that conducts financial transactions such as investments, loans, and deposits.

Provincial Governments

The governing authorities of regions or provinces within a country, responsible for administering regional laws and policies.

Trust Companies

Financial institutions that act as agents for a trust to manage assets, execute trusts, and administer estates on behalf of their beneficiaries.