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Econ 211 practice probs 4 answers

Econ 211 practice probs 4 answers - Econ 211 Practice...

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Econ 211 Practice problems #4 (restrictions on trade, efficiency) Patrick McLaughlin Practice Problems: These problems are to assist you in learning the material covered so far. They will not be collected. The answers are at the end, but I advise trying to do the problems without looking at the answers first. Questions 1 - 5 are based on the following graph of the market for labor: 1. The graph shows the supply and demand of labor. Suppose a minimum wage for labor is set at P 3 . At this wage rate, which of the following is true? a. There would be a shortage of labor b. There would be a surplus of labor c. There would no shortage or surplus of labor d. Firms would not be willing to hire any workers at P 3 e. Both B and D are correct 2. What is the resulting price and quantity after the imposition of the minimum wage?
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