The market equilibrium wage is currently $12 per hour among hairdressers. At that wage, 17,323 hairdressers are currently employed in the state. The state legislature then sets a minimum wage of $11.50 per hour for hairdressers. If there are no changes to either the demand or supply for hairdressers when that minimum wage is imposed, the number of hairdressers employed in the state will be:
a. Fewer than 17,323.
b. Still 17,323.
c. More than 17,323.
d. This is a bilateral monopsony so you can’t tell.
5. On average, 50-year old workers are paid several times more than workers in their teens and twenties. Which of the following options is the most likely explanation for that huge difference
in average earnings?
a. Older workers have more human capital and higher MRPs.
b. Employers engage in widespread discrimination against younger workers.
c. Young people lack information about the existence of the high-paying jobs occupied by older workers.
d. Older workers receive compensating differences because they do jobs that are more risky than the jobs done by younger workers.
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