question 35 supply and demand schedules hourly wage (dollars) $15.00 16.50 17.00 18.00 19.00 20.00 quantity…

question 35 supply and demand schedules hourly wage (dollars) $15.00 16.50 17.00 18.00 19.00 20.00 quantity of labor supplied 350,000 360,000 370,000 380,000 390,000 400,000 quantity of labor demanded 390,000 380,000 370,000 360,000 350,000 340,000 the table above shows the supply and demand schedules for workers in largo. if a minimum wage of $18.00 is mandated there will be a shortage of 10,000 units of labor. shortage of 20,000 units of labor. surplus of 20,000 units of labor. surplus of 10,000 units of labor.

question 35 supply and demand schedules hourly wage (dollars) $15.00 16.50 17.00 18.00 19.00 20.00 quantity of labor supplied 350,000 360,000 370,000 380,000 390,000 400,000 quantity of labor demanded 390,000 380,000 370,000 360,000 350,000 340,000 the table above shows the supply and demand schedules for workers in largo. if a minimum wage of $18.00 is mandated there will be a shortage of 10,000 units of labor. shortage of 20,000 units of labor. surplus of 20,000 units of labor. surplus of 10,000 units of labor.

Answer

Explanation:

Step1: Identify quantity supplied and demanded at $18.00

At a wage of $18.00, quantity supplied of labor is 380,000 and quantity demanded is 360,000.

Step2: Calculate the difference

Surplus = Quantity supplied - Quantity demanded = 380000 - 360000 = 20000.

Answer:

Surplus of 20,000 units of labor.