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the accompanying graph depicts the market for unskilled labor. with the market initially in equilibrium, let a minimum wage be set at $8 per hour. the amount of unemployment is now
the accompanying graph depicts the market for unskilled labor. with the market initially in equilibrium, let a minimum wage be set at $8 per hour. the amount of unemployment is now
Final answer:Setting a minimum wage rate above the equilibrium wage causes unemployment. This is reflected in a labor market graph where the quantity of labor supplied exceeds the quantity demanded at the stipulated minimum wage, leading to a surplus or unemployment.Explanation:The unemployment caused by the implementation of a minimum wage rate of $8 per hour can be understood by examining the dynamics of the labor market. When the minimum wage is set above the equilibrium wage (the wage at which the supply of labor equals the demand for labor), it causes a surplus in the labor market—this is commonly referred to asunemployment.In the context of a graph depicting the unskilled labor market, the supply of labor (depicted by S) expands due to the higher wage rate and the demand for labor from employers (depicted by D) decreases, because employers are less willing to hire at the higher wage rate. The effect is measured by the difference between the quantity of labor supplied and the quantity demanded at the $8 per hour wage rate: this difference represents the amount of unemployment caused by the implementation of the $8 per hour minimum wage.Learn more about Unemployment here:brainly.com/question/27663213#SPJ11...