Based on the graph, how many people are willing to work when the government of a country raises the minimum wage from $17 to $25
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2 answers:
Based on the Graph presented, the number of people that are willing to work when the government of a country raises the minimum wage from $17 to $25 is 28.
To understand the answer it is important to understand the definition of supply and demand in the labor market in any economy.
In the labor market, the demand is the number of workers a company is willing to hire for a certain salary. Or the number of workers they need.
On the other hand, the supply in this market is the number of workers that are<u> willing to work </u>for the salary offered.
In this case, the graph shows that in the ordinate axis (Y line) ,where are located the minimum wage values, The demand is 9 and the supply is 28 workers. This means that companies would hire 9 workers paying $25 in Minimum wage and there are 28 workers that will be disposed to work at that price (or receiving that salary)
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