Ch.+9.2

Ch. 9.2 #1-4

1. The amount of goods provided by the supplier is based off of Demand to determine price and quantity it's all about competition with the labor market 2. a) Market wage is less than the equilibrium wage when labor is low and supply is high. b) If the equilibrium wage is higher than the minimum wage (price floor), then the minimum wage has no effect on the market 3. Skilled labor- labor that requires specialized skills and training (firefighters, plumbers, chefs) Professional labor- labor that requires advanced skills and education (managers, teachers, doctors) 4. Minimum wage prevents companies from paying employees less than what they are worth, safety laws keeps these workers safe