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2014 AP Microeconomics Free-Response Questions Free Download

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2）Ray’s Stable hires workers in a perfectly competitive factor market for unskilled labor.

1. Using correctly labeled side-by-side graphs for the labor market and Ray’s Stable, show each of the following.
   1. The equilibrium wage and quantity for unskilled labor, labeled W_E?and Q_E?respectively
   2. he wage paid by Ray’s Stable and the quantity of unskilled labor hired, labeled W_R?and Q_R?respectively
2. Is the marginal factor cost of unskilled labor for Ray’s Stable greater than, less than, or equal to W_E? Explain.
3. Now assume that the government imposes an effective minimum wage for unskilled labor.
   1. Show the minimum wage on your graphs in part (a), labeled W_MIN
   2. On the labor market graph in part (a), show the quantity of unskilled labor supplied in the labor market as a result of the minimum wage, labeled Q_S
   3. As a result of the new minimum wage, will the marginal revenue product of the last worker hired by Ray’s Stable increase, decrease, or stay the same?

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