Question: q5 q9 are related to the labour market in...
Q5 - Q9 are related to the labour market in Australia. The following graph represents this labour market, where the vertical axis is the wage per hour and the horizontal axis is the number of workers employed (in millions).
Circle one from the yellow
The current minimum wage in Australia is $19.84 per hour.
This minimum wage is a (binding, non-binding) price floor. Under this minimum wage, the market wage rate is equal to ($19.84, $25, $30) per-hour and the number of workers employed is equal to (8, 12, 15) million.