Describe some of the assumptions about labor markets

Reference no: EM131181421

Suppose an economy is suffering unemployment due to wages that are "too high," as theorized by classical economists.

a. Draw and label a graph illustrating this case, in which the going wage is $20, the equilibrium wage is $15, 50 million people want to work, but only 30 million are employed.

b. Describe some of the assumptions about labor markets that underlie this graph.

Reference no: EM131181421

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