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Business, 30.07.2019 21:30 vcasela

Assuming that the equilibrium wage is $7 and the minimum wage is set at $10, how many workers will be unemployed in the long run? at the equilibrium point, the wage is 7 dollars per hour, and the quantity is 100 workers. a 10 dollar minimum wage is applied, causing a short-run surplus at a short-run quantity supplied of 150 workers and a short-run quantity-demanded of 50 workers. the short-run supply curve is slightly rotated clockwise on the fixed equilibrium point, and this new supply curve represents the long-run supply curve. the short-run demand curve is slightly rotated counter-clockwise on the fixed equilibrium point, and this new demand curve represents the long-run demand curve. again, a minimum wage of 10 dollars is applied, causing a long-run surplus at a long-run quantity supplied of 175 workers and a long-run quantity demanded of 25 workers.

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Assuming that the equilibrium wage is $7 and the minimum wage is set at $10, how many workers will b...
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