Figure 19-5 
-Refer to Figure 19-5. Given demand for labor, D1, and supply of labor, S2, what is the surplus of labor if a minimum wage of $8 per hour is imposed on this market?
Definitions:
Price
The money total set, required, or given as remuneration for something.
Consumer Surplus
The difference between the maximum price a consumer is willing to pay for a good or service and the actual price they pay.
Equilibrium
A state in which market supply and demand balance each other, and as a result, prices remain stable.
Market
A place or system where buyers and sellers interact to trade goods, services, or contracts, allowing for the exchange of resources.
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