Why the elasticity of labor supply affects the unemployment, Macroeconomics

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Why the elasticity of labor supply affects the unemployment

Problem

1. Suppose the government imposed a maximum wage in the market for some high-paying job. Draw a diagram to illustrate this market. What would be the consequences of this maximum wage?

2. Explain why, when we analyze the minimum wage, the elasticity of labor supply affects the unemployment rate but not the employment rate.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Macroeconomics: Why the elasticity of labor supply affects the unemployment

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