Equilibrium wage rate in the teen labor market

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Reference no: EM13838647

The state if Arizona decided to boost its own minimum wage rate by $1.60/hr.This pushed the wage rate earned by Arizona teenagers above the equilibrium wage rate in the teen labor market. What is the predicted effect of this action by Arizona’s government of each of the following?

The quantity of labor supplied by Arizona teenagers.

The quantity of labor demanded by employers of Arizona teenagers.

The number of unemployed Arizona teenagers.

Reference no: EM13838647

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