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2 months ago

There are 45 potential workers in this economy. How many people are unemployed ?

Social Studies

2 answers:

Doss [1.5K]2 months ago

4 0

The answer is: 27. In the current labor market, the equilibrium price is $12, but a price floor or minimum wage has been set at $18. A price floor is the lowest permissible cost for a good as determined by an economic authority, which disrupts the market when positioned above the equilibrium price, resulting in a surplus of goods. The minimum wage is the most well-known example of such a floor. Thus, a surplus of labor exists in this scenario. There are 45 potential workers in the market, but only 18 jobs are available at the minimum wage ($18), meaning only 18 individuals can be employed. Therefore, the number of unemployed individuals is: 45 - 18 = 27.

Alexandra [1.4K]2 months ago

4 0

It logically follows that 45 workers are unemployed since the 45 individuals referred to are 'potential' workers. Were they employed, they wouldn't qualify as workers or potential ones. In English, defining someone as 'potentially' something indicates that they aren’t that thing yet but could be.

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OLga [1687]

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The justification for this statement is provided below.

Explanation:

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