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Quantity of labor demanded

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Wage Rate . Quantity of Labor Demanded . Quantity of Labor Supplied

$5.00 . 175,550,000 . 120,000,000

$5.50 . 162,000,000 . 136,485,000

$6.00 . 153,300,020 . 153,300,020

$6.50 . 148,600,579 . 155,250,000

$7.00 . 142,050,000 . 157,132,360

$7.50 . 139,630,000 . 159,800,000

$8.00 . 135,000,000 . 161,000,785

If a minimum wage is set at $5.50, what is the amount of disequilibrium in the labor market?

There would be a labor shortage of 25,515,000.

There would be a labor surplus of 25,515,000.

There would be neither a shortage nor a surplus.

A labor surplus of 25,515,000 would be eliminated because individuals would decide to work in the illegal black market.

A labor surplus of 25,515,000 would increase as individuals find work in the illegal black market.

Reference no: EM131899038

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