If the government was to impose a minimum wage of $12 then the number of unemployed workers would be 4,000.
How many workers would be unemployed?
If the government was to impose a minimum wage of $12 then a situation would arise where the demand for workers is 8,000 yet the supply for workers is 12,000.
This would lead to an unemployment rate of:
= 12,000 - 8,000
= 4,000 people
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